Credo Technology Group (NASDAQ:CRDO) CTO Sells 27,500 Shares of Stock

Key Points

• Credo Technology Group’s CTO sold 27,500 shares at an average price of $222.34, generating $6.11 million under a pre-arranged Rule 10b5-1 trading plan. The sale reduced his ownership by 0.47%, though he still holds approximately 5.83 million shares.
• CRDO shares fell 6.6% to $194.38 during Tuesday trading, with the stock carrying a $36.25 billion market capitalization and trading well below its 12-month high of $308.67.
• The company reported strong quarterly results, including $1.16 in EPS and $437 million in revenue, up 157% year over year. Analysts remain broadly bullish, assigning a consensus “Buy” rating and an average price target of $266.17.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 27,500 shares of the company's stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $222.34, for a total transaction of $6,114,350.00. Following the sale, the chief technology officer owned 5,827,370 shares in the company, valued at $1,295,657,445.80. 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 through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Wednesday, July 8th, Chi Fung Cheng sold 3,790 shares of Credo Technology Group stock. The shares were 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 shares were 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 stock was sold at an average price of $270.94, for a total value 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 value of $6,783,975.00.
• On Thursday, June 11th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $259.53, for a total value of $7,137,075.00.
• On Friday, May 1st, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $178.99, for a total value of $4,922,225.00.

Credo Technology Group Stock Down 6.6%

Shares of NASDAQ:CRDO traded down $13.76 during midday trading on Tuesday, reaching $194.38. 2,496,307 shares of the company traded hands, compared to its average volume of 7,608,530. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The firm has a market capitalization of $36.25 billion, a price-to-earnings ratio of 77.55, a price-to-earnings-growth ratio of 0.97 and a beta of 3.20. The firm's fifty day moving average price is $236.32 and its two-hundred day moving average price is $170.62.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CRDO. Crewe Advisors LLC grew its stake in Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company's stock worth $25,000 after buying an additional 106 shares in the last quarter. Reflection Asset Management purchased a new stake in shares of Credo Technology Group during the 4th quarter valued at $25,000. Acumen Wealth Advisors LLC purchased a new stake in shares of Credo Technology Group during the 4th quarter valued at $25,000. Flagship Harbor Advisors LLC bought a new stake in shares of Credo Technology Group during the 4th quarter worth $32,000. Finally, AlphaCentric Advisors LLC bought a new stake in shares of Credo Technology Group during the 1st quarter worth $33,000. 80.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CRDO has been the subject of several recent analyst reports. Stifel Nicolaus boosted their price objective on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a "buy" rating in a research note on Monday, June 22nd. JPMorgan Chase & Co. increased their target price on shares of Credo Technology Group from $230.00 to $250.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 2nd. Roth Capital raised their price target on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. Jefferies Financial Group boosted their price target on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a "buy" rating in a research report on Tuesday, June 2nd. Finally, Mizuho upped their price target on shares of Credo Technology Group from $260.00 to $290.00 and gave the stock an "outperform" rating in a report on Tuesday, June 2nd. Two investment 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. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $266.17.

Credo Technology Group Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source