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 the stock in a transaction on Monday, July 21st. The shares were sold at an average price of $96.54, for a total value of $5,309,700.00. Following the transaction, the chief technology officer directly owned 7,218,961 shares of the company's stock, valued at approximately $696,918,494.94. This trade represents a 0.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

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

• On Monday, July 14th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $98.53, for a total value of $5,419,150.00.
• On Monday, July 7th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was 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 stock was 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 shares were 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 shares were 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 shares were 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 shares were sold at an average price of $42.95, for a total value of $2,362,250.00.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO traded up $0.89 during trading on Friday, hitting $102.06. The company had a trading volume of 1,431,580 shares, compared to its average volume of 5,345,747. The stock has a market cap of $17.52 billion, a price-to-earnings ratio of 377.46, a price-to-earnings-growth ratio of 1.77 and a beta of 2.57. Credo Technology Group Holding Ltd. has a one year low of $22.50 and a one year high of $104.35. The company has a fifty day simple moving average of $81.73 and a two-hundred day simple moving average of $64.39.

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 for the quarter, topping the consensus estimate of $0.27 by $0.08. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The firm had revenue of $170.00 million for the quarter, compared to the consensus estimate of $159.59 million. During the same period in the prior year, the business posted $0.07 earnings per share. The company's revenue for the quarter was up 179.6% on a year-over-year basis. On average, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Analysts Set New Price Targets

CRDO has been the subject of a number of recent research reports. Needham & Company LLC lifted their price target on shares of Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Stifel Nicolaus raised their target price on Credo Technology Group from $80.00 to $115.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Roth Capital set a $95.00 target price on shares of Credo Technology Group and gave the company a "buy" rating in a research note on Friday, June 13th. TD Cowen increased their price objective on Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a research report on Wednesday, June 18th. Finally, Noble Financial raised shares of Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. One 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $87.91.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CRDO. Operose Advisors LLC lifted its position in Credo Technology Group by 69.2% during the 1st quarter. Operose Advisors LLC now owns 616 shares of the company's stock worth $25,000 after acquiring an additional 252 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Credo Technology Group during the 1st quarter worth approximately $25,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Credo Technology Group during the 1st quarter worth approximately $27,000. Harbour Investments Inc. acquired a new position in Credo Technology Group in the first quarter valued at approximately $29,000. Finally, Virtus Advisers LLC acquired a new position in Credo Technology Group in the first quarter valued at approximately $31,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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.