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

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $72.53, for a total value of $3,989,150.00. Following the completion of the transaction, the chief technology officer now directly owns 7,548,961 shares in the company, valued at $547,526,141.33. This represents a 0.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

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

• On Thursday, June 5th, Chi Fung Cheng sold 59,641 shares of Credo Technology Group stock. The shares were sold at an average price of $74.96, for a total transaction 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 transaction of $2,641,100.00.
• On Monday, April 28th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $42.95, for a total transaction 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 transaction of $2,020,700.00.
• On Wednesday, April 16th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $37.29, for a total value of $2,050,950.00.
• On Thursday, April 10th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $38.78, for a total transaction of $2,132,900.00.
• On Friday, April 4th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $32.96, for a total transaction of $1,812,800.00.
• On Monday, March 24th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $49.77, for a total transaction of $2,737,350.00.
• On Monday, March 17th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $47.29, for a total value of $2,600,950.00.

Credo Technology Group Trading Up 3.8%

Shares of Credo Technology Group stock traded up $2.70 during trading on Thursday, reaching $74.34. The stock had a trading volume of 6,863,828 shares, compared to its average volume of 3,909,300. Credo Technology Group Holding Ltd has a 52 week low of $22.50 and a 52 week high of $86.69. The stock has a fifty day moving average price of $52.96 and a two-hundred day moving average price of $59.07. The company has a market capitalization of $12.62 billion, a price-to-earnings ratio of -495.60 and a beta of 2.42.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.08. The company had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. Credo Technology Group had a negative return on equity of 2.94% and a negative net margin of 9.70%. Credo Technology Group's revenue for the quarter was up 179.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.07 EPS. On average, equities analysts forecast that Credo Technology Group Holding Ltd will post 0.13 EPS for the current fiscal year.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the company. Invst LLC bought a new position in Credo Technology Group during the first quarter worth about $348,000. Rhumbline Advisers lifted its position in shares of Credo Technology Group by 4.9% in the first quarter. Rhumbline Advisers now owns 205,046 shares of the company's stock valued at $8,235,000 after buying an additional 9,615 shares during the last quarter. Strs Ohio bought a new position in shares of Credo Technology Group during the 1st quarter worth approximately $1,108,000. GK Wealth Management LLC acquired a new position in shares of Credo Technology Group during the 1st quarter worth approximately $225,000. Finally, Geneos Wealth Management Inc. increased its holdings in shares of Credo Technology Group by 38,668.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 25,975 shares of the company's stock worth $1,043,000 after acquiring an additional 25,908 shares during the last quarter. 80.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CRDO shares. Barclays set a $85.00 target price on shares of Credo Technology Group and gave the company an "overweight" rating in a research report on Tuesday, June 3rd. Needham & Company LLC upped their price target on shares of Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Bank of America cut their price target on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a research note on Wednesday, March 5th. Stifel Nicolaus increased their price target on Credo Technology Group from $69.00 to $80.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Finally, Noble Financial raised shares of Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Eleven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $78.60.

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.