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 on Monday, June 23rd. The stock was sold at an average price of $84.37, for a total value of $4,640,350.00. Following the transaction, the chief technology officer now owns 7,438,961 shares in the company, valued at approximately $627,625,139.57. This represents a 0.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Chi Fung Cheng also recently made the following trade(s):
- 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 shares were sold at an average price of $72.53, for a total transaction of $3,989,150.00.
- 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 shares were 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 shares were 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 transaction 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 shares were sold at an average price of $32.96, for a total transaction of $1,812,800.00.
Credo Technology Group Stock Down 1.6%
CRDO traded down $1.56 on Friday, reaching $93.49. The company's stock had a trading volume of 6,188,401 shares, compared to its average volume of 4,082,111. The stock has a 50 day moving average of $63.42 and a two-hundred day moving average of $61.09. The company has a market capitalization of $15.87 billion, a price-to-earnings ratio of 346.26, a P/E/G ratio of 1.71 and a beta of 2.42. Credo Technology Group Holding Ltd. has a fifty-two week low of $22.50 and a fifty-two week high of $95.71.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a return on equity of 9.15% and a net margin of 11.95%. The firm had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. During the same period in the prior year, the company posted $0.07 earnings per share. The firm's quarterly revenue was up 179.6% compared to the same quarter last year. As a group, analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Credo Technology Group
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. Operose Advisors LLC lifted its stake 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 buying an additional 252 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in Credo Technology Group in the first quarter valued at approximately $25,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Credo Technology Group in the first quarter valued at approximately $27,000. Harbour Investments Inc. purchased a new stake in Credo Technology Group in the first quarter valued at approximately $29,000. Finally, Virtus Advisers LLC purchased a new stake in Credo Technology Group in the first quarter valued at approximately $31,000. Hedge funds and other institutional investors own 80.46% of the company's stock.
Analysts Set New Price Targets
Several research firms have weighed in on CRDO. Mizuho dropped their target price on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Susquehanna reaffirmed a "positive" rating and issued a $90.00 target price (up from $60.00) on shares of Credo Technology Group in a research report on Tuesday, June 3rd. TD Cowen boosted their price objective on Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research report on Wednesday, June 18th. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Finally, Bank of America lowered their price objective on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Twelve research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $81.00.
Check Out Our Latest Report on Credo Technology Group
About Credo Technology Group
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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.
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