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

Credo Technology Group logo with Computer and Technology background

Key Points

  • Chi Fung Cheng, CTO of Credo Technology Group, sold 55,000 shares on July 28th for approximately $5.82 million, reducing his stake by 0.76% to about 7.16 million shares worth nearly $758 million.
  • The stock's recent trading price reached $116.01, reflecting notable growth with a market capitalization of $19.91 billion and a 12-month high of $116.60.
  • Analysts maintain a consensus "Buy" rating for Credo Technology Group, with price targets ranging from $85.00 to $115.00, indicating a positive outlook for the company's stock.
  • Five stocks to consider instead of Credo Technology Group.

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, July 28th. The stock was sold at an average price of $105.80, for a total transaction of $5,819,000.00. Following the sale, the chief technology officer directly owned 7,163,961 shares of the company's stock, valued at approximately $757,947,073.80. This trade represents a 0.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

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

  • 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 transaction 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 stock was sold at an average price of $91.94, for a total transaction of $5,056,700.00.
  • On Monday, June 30th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $92.65, for a total transaction of $5,095,750.00.
  • On Monday, June 23rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $84.37, for a total transaction of $4,640,350.00.
  • On Monday, June 16th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $78.77, for a total transaction of $4,332,350.00.
  • 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 stock was sold at an average price of $48.02, for a total transaction of $2,641,100.00.

Credo Technology Group Trading Down 3.6%

Shares of NASDAQ:CRDO traded down $3.99 during trading on Friday, reaching $107.56. The company had a trading volume of 5,720,481 shares, compared to its average volume of 4,368,522. Credo Technology Group Holding Ltd. has a 12 month low of $22.50 and a 12 month high of $118.95. The stock has a market capitalization of $18.46 billion, a P/E ratio of 398.37, a price-to-earnings-growth ratio of 2.00 and a beta of 2.57. The company has a fifty day moving average of $87.46 and a two-hundred day moving average of $65.91.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The company had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. During the same quarter in the prior year, the company earned $0.07 EPS. The firm's revenue was up 179.6% on a year-over-year basis. As a group, equities research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CRDO. TD Cowen increased their target price on shares of Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research note on Wednesday, June 18th. Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Noble Financial raised shares of Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Wall Street Zen lowered shares of Credo Technology Group from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Finally, Roth Capital set a $95.00 price objective on shares of Credo Technology Group and gave the stock a "buy" rating in a research report on Friday, June 13th. One equities research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $87.91.

Check Out Our Latest Stock Report on CRDO

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its position in Credo Technology Group by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company's stock valued at $222,884,000 after buying an additional 138,686 shares during the period. Swedbank AB lifted 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 worth $129,280,000 after purchasing an additional 733,811 shares during the period. Alliancebernstein L.P. lifted its position in shares of Credo Technology Group by 6.1% in the 1st quarter. Alliancebernstein L.P. now owns 1,846,387 shares of the company's stock worth $74,151,000 after purchasing an additional 105,405 shares during the period. Norges Bank purchased a new stake in shares of Credo Technology Group in the 4th quarter worth about $117,242,000. Finally, Ameriprise Financial Inc. increased its stake in shares of Credo Technology Group by 49.5% in the 4th quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company's stock worth $110,482,000 after acquiring an additional 543,940 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Credo Technology Group Company Profile

(Get Free Report)

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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Insider Buying and Selling by Quarter for Credo Technology Group (NASDAQ:CRDO)

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