Chi Fung Cheng Sells 55,000 Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $98.53, for a total value of $5,419,150.00. Following the completion of the sale, the chief technology officer directly owned 7,273,961 shares in the company, valued at approximately $716,703,377.33. This represents a 0.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Chi Fung Cheng also recently made the following trade(s):

• On Monday, July 7th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $91.94, for a total value of $5,056,700.00.
• On Monday, June 30th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $92.65, for a total value of $5,095,750.00.
• On Monday, June 23rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $84.37, for a total value of $4,640,350.00.
• On Monday, June 16th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $78.77, for a total value of $4,332,350.00.
• On Monday, June 9th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $72.53, for a total value of $3,989,150.00.
• On Thursday, June 5th, Chi Fung Cheng sold 59,641 shares of Credo Technology Group stock. The stock was sold at an average price of $74.96, for a total value of $4,470,689.36.
• On Friday, May 2nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $48.02, for a total value of $2,641,100.00.
• On Monday, April 28th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $42.95, for a total value of $2,362,250.00.
• On Tuesday, April 22nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $36.74, for a total value of $2,020,700.00.

Credo Technology Group Price Performance

NASDAQ CRDO traded down $5.89 on Friday, hitting $92.56. The stock had a trading volume of 1,459,775 shares, compared to its average volume of 4,201,631. The business's fifty day moving average price is $77.79 and its 200 day moving average price is $63.51. The stock has a market cap of $15.89 billion, a price-to-earnings ratio of 343.49, a price-to-earnings-growth ratio of 1.82 and a beta of 2.57. Credo Technology Group Holding Ltd. has a 52-week low of $22.50 and a 52-week high of $104.35.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. The business had revenue of $170.00 million for the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The business's quarterly revenue was up 179.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.07 earnings per share. As a group, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently made changes to their positions in CRDO. Signaturefd LLC boosted its holdings in Credo Technology Group by 32.4% in the second quarter. Signaturefd LLC now owns 703 shares of the company's stock valued at $65,000 after purchasing an additional 172 shares during the last quarter. Larson Financial Group LLC boosted its holdings in Credo Technology Group by 21.5% in the first quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock valued at $56,000 after purchasing an additional 245 shares during the last quarter. Operose Advisors LLC boosted its holdings in Credo Technology Group by 69.2% in the first quarter. Operose Advisors LLC now owns 616 shares of the company's stock valued at $25,000 after purchasing an additional 252 shares during the last quarter. Wolff Wiese Magana LLC boosted its holdings in Credo Technology Group by 200.0% in the second quarter. Wolff Wiese Magana LLC now owns 450 shares of the company's stock valued at $42,000 after purchasing an additional 300 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its holdings in Credo Technology Group by 51.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock valued at $75,000 after purchasing an additional 348 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CRDO has been the subject of a number of analyst reports. Susquehanna reiterated a "positive" rating and issued a $90.00 price target (up previously from $60.00) on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Stifel Nicolaus lifted their price target on Credo Technology Group from $69.00 to $80.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Needham & Company LLC lifted their price target on Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Wall Street Zen downgraded shares of Credo Technology Group from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. Finally, Roth Capital set a $95.00 price target on shares of Credo Technology Group and gave the company a "buy" rating in a research note on Friday, June 13th. One investment analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Credo Technology Group presently has an average rating of "Buy" and an average price target of $82.45.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.