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

Key Points

• Credo Technology Group's CTO Chi Fung Cheng sold 55,000 shares for approximately $8.27 million on October 20, reducing his ownership by 0.81%.
• The company’s stock dropped 4.8% to $137.20, amid heavy trading volume, with a market cap of $23.74 billion.
• Credo's recent quarterly earnings report showed a 273.6% increase in revenue year-over-year, despite missing EPS expectations with a reported $0.34.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $150.34, for a total value of $8,268,700.00. Following the transaction, the chief technology officer directly owned 6,723,961 shares of the company's stock, valued at approximately $1,010,880,296.74. The trade was a 0.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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

• On Monday, October 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $148.08, for a total value of $8,144,400.00.
• On Monday, October 6th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $148.35, for a total value of $8,159,250.00.
• On Monday, September 29th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $148.87, for a total value of $8,187,850.00.
• On Monday, September 22nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $164.98, for a total value of $9,073,900.00.
• On Monday, September 15th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $163.98, for a total value of $9,018,900.00.
• On Monday, September 8th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $146.21, for a total value of $8,041,550.00.
• On Friday, August 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $107.12, for a total value of $5,891,600.00.
• On Monday, July 28th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $105.80, for a total value of $5,819,000.00.

Credo Technology Group Stock Down 4.8%

Credo Technology Group stock traded down $6.97 during midday trading on Wednesday, reaching $137.20. The company's stock had a trading volume of 6,289,994 shares, compared to its average volume of 5,387,478. Credo Technology Group Holding Ltd. has a fifty-two week low of $29.09 and a fifty-two week high of $176.70. The business has a 50-day simple moving average of $139.84 and a 200-day simple moving average of $96.67. The company has a market cap of $23.74 billion, a P/E ratio of 204.78 and a beta of 2.60.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings results on Wednesday, September 3rd. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). Credo Technology Group had a return on equity of 19.02% and a net margin of 20.85%.The firm had revenue of $223.07 million for the quarter, compared to analysts' expectations of $190.63 million. During the same period last year, the firm earned $0.04 EPS. Credo Technology Group's revenue was up 273.6% compared to the same quarter last year. Credo Technology Group has set its Q2 2026 guidance at EPS. As a group, equities analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CRDO shares. Stifel Nicolaus set a $160.00 target price on shares of Credo Technology Group in a research note on Wednesday, October 1st. JPMorgan Chase & Co. started coverage on shares of Credo Technology Group in a report on Friday, October 17th. They issued an "overweight" rating and a $165.00 price objective for the company. Wall Street Zen upgraded shares of Credo Technology Group from a "hold" rating to a "buy" rating in a report on Sunday, September 28th. Cowen restated a "buy" rating on shares of Credo Technology Group in a research report on Thursday, September 4th. Finally, Barclays reiterated an "overweight" rating and issued a $165.00 target price on shares of Credo Technology Group in a research report on Tuesday, October 7th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Credo Technology Group presently has an average rating of "Buy" and an average price target of $140.36.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Realta Investment Advisors acquired a new position in Credo Technology Group in the 2nd quarter valued at $300,000. Janney Montgomery Scott LLC grew its stake in Credo Technology Group by 27.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 6,721 shares of the company's stock valued at $270,000 after buying an additional 1,467 shares during the last quarter. Farther Finance Advisors LLC grew its stake in Credo Technology Group by 850.6% in the 2nd quarter. Farther Finance Advisors LLC now owns 4,135 shares of the company's stock valued at $383,000 after buying an additional 3,700 shares during the last quarter. US Bancorp DE grew its stake in Credo Technology Group by 61.7% in the 2nd quarter. US Bancorp DE now owns 6,422 shares of the company's stock valued at $595,000 after buying an additional 2,451 shares during the last quarter. Finally, Teacher Retirement System of Texas grew its position in Credo Technology Group by 464.4% in the 1st quarter. Teacher Retirement System of Texas now owns 34,987 shares of the company's stock worth $1,405,000 after purchasing an additional 28,788 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

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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