Credo Technology Group (NASDAQ:CRDO) Stock: Insider Chi Fung Cheng Sells 27,500 Shares

Key Points

• Credo CTO Chi Fung Cheng sold 27,500 shares for approximately $6.1 million at an average price of $221.48. The sale was conducted under a Rule 10b5-1 plan to cover tax withholding on vested equity awards, leaving him with 5.63 million shares.
• Credo shares traded at $220.01, down 0.4%, with a market capitalization of $41.35 billion. The stock has risen from a 52-week low of $86.49 but remains below its $308.67 high.
• The company recently beat quarterly earnings and revenue expectations, reporting $1.20 EPS and $479 million in revenue, up 114.7% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $262.67.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CTO Chi Cheng sold 27,500 shares of the company's stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $221.48, for a total value of $6,090,700.00. Following the sale, the chief technology officer directly owned 5,634,897 shares in the company, valued at $1,248,016,987.56. This represents a 0.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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

• On Tuesday, September 29th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $193.93, for a total value of $5,333,075.00.
• On Wednesday, September 23rd, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $193.12, for a total value of $5,310,800.00.
• On Thursday, September 17th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $166.38, for a total value of $4,575,450.00.
• On Friday, September 4th, Chi Cheng sold 3,790 shares of Credo Technology Group stock. The stock was sold at an average price of $170.00, for a total transaction of $644,300.00.
• On Friday, July 31st, Chi Cheng sold 27,473 shares of Credo Technology Group stock. The shares were sold at an average price of $209.53, for a total transaction of $5,756,417.69.
• On Monday, July 27th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $205.54, for a total transaction of $5,652,350.00.
• On Tuesday, July 21st, Chi 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.

Credo Technology Group Stock Down 0.4%

NASDAQ CRDO traded down $0.82 on Wednesday, hitting $220.01. 7,283,486 shares of the stock were exchanged, compared to its average volume of 7,533,394. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67. The company has a 50-day moving average price of $207.87 and a 200-day moving average price of $200.19. The company has a market cap of $41.35 billion, a PE ratio of 78.30, a PEG ratio of 0.85 and a beta of 3.25.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, beating analysts' consensus estimates of $1.17 by $0.03. The business had revenue of $479.00 million for the quarter, compared to analyst estimates of $473.30 million. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The company's revenue was up 114.7% on a year-over-year basis. During the same period last year, the business earned $0.52 EPS. As a group, equities research analysts predict that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds have recently modified their holdings of the business. Polaris Financial Partners acquired a new stake in Credo Technology Group during the 3rd quarter worth $681,000. GoalVest Advisory LLC increased its stake in Credo Technology Group by 49,226.5% in the third quarter. GoalVest Advisory LLC now owns 24,170 shares of the company's stock valued at $4,708,000 after purchasing an additional 24,121 shares during the period. Burkett Financial Services LLC acquired a new position in Credo Technology Group in the third quarter valued at $33,000. QRG Capital Management Inc. raised its holdings in shares of Credo Technology Group by 20.8% in the second quarter. QRG Capital Management Inc. now owns 6,527 shares of the company's stock valued at $1,774,000 after buying an additional 1,125 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Credo Technology Group in the second quarter valued at about $548,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CRDO has been the topic of a number of recent analyst reports. Zacks Research downgraded Credo Technology Group from a "strong-buy" rating to a "hold" rating in a report on Monday, August 3rd. Barclays boosted their target price on Credo Technology Group from $260.00 to $300.00 and gave the stock an "overweight" rating in a research note on Monday, July 20th. Susquehanna upped their price target on Credo Technology Group from $235.00 to $250.00 and gave the company a "positive" rating in a report on Tuesday, July 21st. Rosenblatt Securities raised their price objective on shares of Credo Technology Group from $215.00 to $235.00 and gave the stock a "neutral" rating in a report on Wednesday, September 2nd. Finally, Bank of America reduced their price objective on shares of Credo Technology Group from $340.00 to $275.00 and set a "buy" rating for the company in a research report on Wednesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $262.67.

About Credo Technology Group

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for data infrastructure. Its technologies are designed to improve the performance, power efficiency and reliability of connections used in cloud computing, artificial intelligence, high-performance computing, telecommunications and enterprise networks.

The company's product portfolio includes serializer/deserializer (SerDes) intellectual property, integrated circuits, active electrical cables and optical connectivity products.

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