Chi Fung Cheng Sells 55,000 Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Monday, June 16th. The shares were sold at an average price of $78.77, for a total transaction of $4,332,350.00. Following the completion of the sale, the chief technology officer now directly owns 7,493,961 shares of the company's stock, valued at approximately $590,299,307.97. This trade represents a 0.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Monday, June 9th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $72.53, for a total transaction of $3,989,150.00.
• On Thursday, June 5th, Chi Fung Cheng sold 59,641 shares of Credo Technology Group stock. The shares were sold at an average price of $74.96, for a total transaction of $4,470,689.36.
• On Friday, May 2nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $48.02, for a total transaction of $2,641,100.00.
• On Monday, April 28th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $42.95, for a total transaction of $2,362,250.00.
• On Tuesday, April 22nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $36.74, for a total transaction of $2,020,700.00.
• On Wednesday, April 16th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $37.29, for a total transaction of $2,050,950.00.
• On Thursday, April 10th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $38.78, for a total transaction of $2,132,900.00.
• On Friday, April 4th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $32.96, for a total transaction of $1,812,800.00.
• On Monday, March 24th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $49.77, for a total transaction of $2,737,350.00.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO traded up $5.88 during mid-day trading on Thursday, hitting $85.59. The company's stock had a trading volume of 9,756,607 shares, compared to its average volume of 3,995,114. The company's fifty day simple moving average is $57.12 and its 200-day simple moving average is $60.23. Credo Technology Group Holding Ltd. has a one year low of $22.50 and a one year high of $86.84. The stock has a market cap of $14.53 billion, a price-to-earnings ratio of 317.00 and a beta of 2.42.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.08. Credo Technology Group had a return on equity of 9.15% and a net margin of 11.95%. The firm had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. During the same period in the previous year, the company posted $0.07 earnings per share. The company's revenue for the quarter was up 179.6% on a year-over-year basis. On average, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Kestra Investment Management LLC acquired a new position in shares of Credo Technology Group during the fourth quarter worth about $38,000. Operose Advisors LLC boosted its position in shares of Credo Technology Group by 69.2% during the first quarter. Operose Advisors LLC now owns 616 shares of the company's stock worth $25,000 after buying an additional 252 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Credo Technology Group during the first quarter worth about $25,000. Principal Securities Inc. boosted its position in shares of Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company's stock worth $45,000 after buying an additional 576 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Credo Technology Group during the first quarter worth about $27,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on CRDO shares. Bank of America dropped their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Needham & Company LLC raised their price objective on shares of Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Roth Capital set a $95.00 price objective on shares of Credo Technology Group and gave the company a "buy" rating in a research report on Friday, June 13th. Cowen restated a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Finally, Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Twelve investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Credo Technology Group has a consensus rating of "Buy" and a consensus target price of $81.00.

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.