Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells 59,641 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 59,641 shares of Credo Technology Group stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $74.96, for a total transaction of $4,470,689.36. Following the sale, the chief technology officer now owns 7,603,961 shares of the company's stock, valued at approximately $569,992,916.56. The trade was a 0.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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 value of $3,989,150.00.
• 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.
• On Monday, April 28th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was 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 value 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 shares were sold at an average price of $32.96, for a total value of $1,812,800.00.
• On Monday, March 24th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $49.77, for a total transaction of $2,737,350.00.
• On Monday, March 17th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $47.29, for a total transaction of $2,600,950.00.

Credo Technology Group Stock Up 3.8%

CRDO traded up $2.70 on Thursday, reaching $74.34. 6,863,828 shares of the company traded hands, compared to its average volume of 3,909,300. The firm has a fifty day simple moving average of $52.96 and a two-hundred day simple moving average of $59.07. Credo Technology Group Holding Ltd has a one year low of $22.50 and a one year high of $86.69. The company has a market cap of $12.62 billion, a P/E ratio of -495.60 and a beta of 2.42.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. The company had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.94%. The firm's revenue for the quarter was up 179.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.07 earnings per share. On average, equities analysts forecast that Credo Technology Group Holding Ltd will post 0.13 earnings per share for the current year.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds have recently made changes to their positions in the stock. Operose Advisors LLC raised its stake in shares of Credo Technology Group by 69.2% during the 1st quarter. Operose Advisors LLC now owns 616 shares of the company's stock worth $25,000 after acquiring an additional 252 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in Credo Technology Group in the 1st quarter worth $25,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Credo Technology Group during the 1st quarter worth about $27,000. Harbour Investments Inc. acquired a new stake in shares of Credo Technology Group in the first quarter worth approximately $29,000. Finally, Virtus Advisers LLC acquired a new stake in Credo Technology Group during the 1st quarter worth $31,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CRDO has been the topic of several research reports. Cowen reissued a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Stifel Nicolaus upped their price objective on Credo Technology Group from $69.00 to $80.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Barclays set a $85.00 price target on shares of Credo Technology Group and gave the company an "overweight" rating in a report on Tuesday, June 3rd. Mizuho cut their target price on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a report on Thursday, April 3rd. Finally, TD Cowen upped their price objective on Credo Technology Group from $50.00 to $85.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Eleven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $78.60.

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.