Credo Technology Group (NASDAQ:CRDO) CTO Chi Fung Cheng Sells 27,473 Shares

Key Points

• Credo Technology Group CTO Chi Fung Cheng sold 27,473 shares at an average price of $209.53, generating approximately $5.76 million. The Rule 10b5-1 transaction reduced his ownership by 0.47%, leaving him with 5.77 million shares.
• Credo shares recently traded at $237.92, with a market capitalization of $44.37 billion and a 52-week range of $86.49 to $308.67. The stock has a high valuation, with a P/E ratio of 95.94.
• The company reported quarterly EPS of $1.16 versus the $1.02 consensus estimate, while revenue rose 157% year over year to $437 million. Analysts maintain a consensus “Buy” rating with an average price target of $266.17.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 27,473 shares of the stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $209.53, for a total transaction of $5,756,417.69. Following the completion of the sale, the chief technology officer directly owned 5,772,397 shares in the company, valued at approximately $1,209,490,343.41. The trade was a 0.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, July 27th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $205.54, for a total transaction of $5,652,350.00.
• On Tuesday, July 21st, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $222.34, for a total transaction of $6,114,350.00.
• On Wednesday, July 8th, Chi Fung Cheng sold 3,790 shares of Credo Technology Group stock. The stock was sold at an average price of $258.71, for a total transaction of $980,510.90.
• On Tuesday, July 7th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $243.06, for a total transaction of $6,684,150.00.
• On Tuesday, June 30th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $269.84, for a total transaction of $7,420,600.00.
• On Tuesday, June 23rd, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $270.94, for a total transaction of $7,450,850.00.
• On Tuesday, June 16th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $246.69, for a total transaction of $6,783,975.00.
• On Thursday, June 11th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $259.53, for a total value of $7,137,075.00.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO traded up $19.57 on Tuesday, hitting $237.92. The company's stock had a trading volume of 6,932,918 shares, compared to its average volume of 7,597,560. The company has a market capitalization of $44.37 billion, a PE ratio of 95.94, a PEG ratio of 0.95 and a beta of 3.23. The company has a 50-day simple moving average of $236.60 and a 200 day simple moving average of $172.35. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.02 by $0.14. The company had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.Credo Technology Group's revenue was up 157.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.20 earnings per share. On average, equities research analysts expect that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Credo Technology Group

Large investors have recently added to or reduced their stakes in the business. Accel Wealth Management bought a new stake in Credo Technology Group in the second quarter worth $383,000. Nolet Wealth Management LLC bought a new position in shares of Credo Technology Group during the second quarter valued at about $214,000. Generali Investments Management Co LLC purchased a new position in shares of Credo Technology Group in the second quarter worth about $695,000. Redhawk Wealth Advisors Inc. purchased a new position in shares of Credo Technology Group in the second quarter worth about $243,000. Finally, Wealthcare Advisory Partners LLC lifted its stake in shares of Credo Technology Group by 3.0% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 3,458 shares of the company's stock valued at $940,000 after acquiring an additional 101 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on CRDO. Weiss Ratings upgraded shares of Credo Technology Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, May 26th. Rothschild & Co Redburn initiated coverage on Credo Technology Group in a research report on Friday, May 1st. They set a "buy" rating and a $206.00 price target on the stock. Roth Capital lifted their price target on Credo Technology Group from $200.00 to $300.00 and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. Stifel Nicolaus upped their price objective on Credo Technology Group from $250.00 to $350.00 and gave the stock a "buy" rating in a report on Monday, June 22nd. Finally, JPMorgan Chase & Co. increased their price objective on Credo Technology Group from $230.00 to $250.00 and gave the company an "overweight" rating in a research report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Credo Technology Group currently has a consensus rating of "Buy" and an average target price of $266.17.

About Credo Technology Group

Credo Technology Group, Inc NASDAQ: CRDO is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo's product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.

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