Credo Technology Group (NASDAQ:CRDO) CTO Sells $8,187,850.00 in Stock

Key Points

• Chi Fung Cheng, CTO of Credo Technology Group, sold 55,000 shares for approximately $8.19 million on September 29, reducing his ownership by 0.79% to around 6.89 million shares.
• Credo's stock recently traded at $144.91, with a market cap of $25.07 billion and a twelve-month price range of $29.09 to $176.70.
• The company's quarterly earnings report showed a revenue of $223.07 million, significantly exceeding analyst estimates, despite reporting an EPS of $0.34, missing by $0.02.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction that occurred on Monday, September 29th. The shares were sold at an average price of $148.87, for a total value of $8,187,850.00. Following the sale, the chief technology officer directly owned 6,888,961 shares in the company, valued at approximately $1,025,559,624.07. This represents a 0.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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

• 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 shares were 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 shares were 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 stock was 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.
• On Monday, July 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $96.54, for a total value of $5,309,700.00.
• 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 transaction of $5,419,150.00.
• On Monday, July 7th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $91.94, for a total value of $5,056,700.00.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO traded down $0.70 during midday trading on Wednesday, hitting $144.91. 4,260,951 shares of the company's stock were exchanged, compared to its average volume of 5,290,434. Credo Technology Group Holding Ltd. has a twelve month low of $29.09 and a twelve month high of $176.70. The firm has a market cap of $25.07 billion, a P/E ratio of 216.28 and a beta of 2.59. The stock's 50 day moving average price is $130.45 and its 200-day moving average price is $86.28.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings results on Wednesday, September 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $223.07 million for the quarter, compared to analyst estimates of $190.63 million. During the same quarter last year, the firm posted $0.04 EPS. The company's revenue was up 273.6% compared to the same quarter last year. Credo Technology Group has set its Q2 2026 guidance at EPS. On average, analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently modified their holdings of CRDO. JPMorgan Chase & Co. boosted its position in shares of Credo Technology Group by 36.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company's stock valued at $602,662,000 after purchasing an additional 1,739,844 shares during the period. Nuveen LLC acquired a new position in shares of Credo Technology Group in the 1st quarter valued at $52,636,000. Alliancebernstein L.P. boosted its position in shares of Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock valued at $283,778,000 after purchasing an additional 1,218,504 shares during the period. 1832 Asset Management L.P. acquired a new position in shares of Credo Technology Group in the 2nd quarter valued at $82,479,000. Finally, Swedbank AB boosted its position in shares of Credo Technology Group by 29.5% in the 1st quarter. Swedbank AB now owns 3,219,125 shares of the company's stock valued at $129,280,000 after purchasing an additional 733,811 shares during the period. Institutional investors and hedge funds own 80.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Roth Capital reaffirmed a "buy" rating and issued a $170.00 price objective on shares of Credo Technology Group in a report on Tuesday. Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a report on Thursday, September 4th. Mizuho upped their price objective on shares of Credo Technology Group from $135.00 to $155.00 and gave the stock an "outperform" rating in a report on Thursday, September 4th. Stifel Nicolaus set a $160.00 target price on Credo Technology Group in a research note on Wednesday. Finally, Needham & Company LLC raised their target price on Credo Technology Group from $85.00 to $150.00 and gave the company a "buy" rating in a research note on Thursday, September 4th. Two research analysts have rated the stock with a Strong Buy rating and thirteen have given a Buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $128.55.

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.

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