Insider Selling: Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Sells 55,000 Shares of Stock

Key Points

• Chi Fung Cheng, the CTO of Credo Technology Group, sold 55,000 shares at an average price of $107.12, totaling approximately $5.89 million, resulting in a 0.77% decrease in his holdings.
• Credo Technology Group's stock is experiencing fluctuations, currently trading at $110.29, with a significant market cap of $18.93 billion and a P/E ratio of 408.48.
• A number of analysts have rated CRDO positively, with target prices ranging from $85.00 to $115.00, overall giving the stock an average rating of "Buy."

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $107.12, for a total transaction of $5,891,600.00. Following the completion of the transaction, the chief technology officer directly owned 7,108,961 shares of the company's stock, valued at approximately $761,511,902.32. This represents a 0.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

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

• 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 transaction of $5,819,000.00.
• On Monday, July 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were 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 shares were 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 transaction of $5,056,700.00.
• On Monday, June 30th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were 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 shares were 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 stock was sold at an average price of $74.96, for a total value of $4,470,689.36.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock traded down $4.41 during midday trading on Tuesday, hitting $110.29. The company had a trading volume of 3,477,305 shares, compared to its average volume of 5,313,266. The company has a 50 day moving average of $88.52 and a 200 day moving average of $66.02. The stock has a market capitalization of $18.93 billion, a P/E ratio of 408.48, a P/E/G ratio of 1.93 and a beta of 2.59. Credo Technology Group Holding Ltd. has a 52-week low of $23.86 and a 52-week high of $118.95.

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

Institutional Trading of Credo Technology Group

A number of institutional investors and hedge funds have recently bought and sold shares of CRDO. Swedbank AB grew its stake in shares of Credo Technology Group by 29.5% in the first quarter. Swedbank AB now owns 3,219,125 shares of the company's stock worth $129,280,000 after acquiring an additional 733,811 shares during the period. Alliancebernstein L.P. grew its stake in shares of Credo Technology Group by 6.1% in the first quarter. Alliancebernstein L.P. now owns 1,846,387 shares of the company's stock worth $74,151,000 after acquiring an additional 105,405 shares during the period. Ameriprise Financial Inc. grew its stake in shares of Credo Technology Group by 49.5% in the fourth 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 during the period. Goldman Sachs Group Inc. grew its stake in shares of Credo Technology Group by 63.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company's stock worth $61,235,000 after acquiring an additional 589,151 shares during the period. Finally, Two Sigma Investments LP grew its stake in shares of Credo Technology Group by 55.3% in the fourth quarter. Two Sigma Investments LP now owns 1,515,268 shares of the company's stock worth $101,841,000 after acquiring an additional 539,766 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CRDO has been the subject of a number of recent analyst reports. Barclays set a $85.00 target price on Credo Technology Group and gave the company an "overweight" rating in a report on Tuesday, June 3rd. Needham & Company LLC boosted their price target 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. TD Cowen increased their price target 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. Susquehanna increased their price target on shares of Credo Technology Group from $90.00 to $115.00 and gave the stock a "positive" rating in a research note on Tuesday, July 22nd. Finally, Noble Financial raised shares of Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group has an average rating of "Buy" and a consensus target price of $87.91.

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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