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

Key Points

• Chi Fung Cheng, the CTO of Credo Technology Group, sold 55,000 shares of stock for approximately $8.04 million, reducing his ownership stake by 0.77% to about 7.05 million shares.
• The company's shares have experienced a significant increase, rising 10.0% to reach a trading price of $163.96, following strong quarterly revenue growth of 273.6% compared to the previous year.
• Several analysts have upgraded their ratings on Credo Technology Group, with an average price target raised to $126.27, reflecting positive market sentiment and anticipated growth.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $146.21, for a total transaction of $8,041,550.00. Following the completion of the sale, the chief technology officer owned 7,053,961 shares in the company, valued at $1,031,359,637.81. This trade represents a 0.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Friday, August 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $107.12, for a total transaction of $5,891,600.00.
• On Monday, July 28th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were 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.

Credo Technology Group Stock Up 10.0%

Shares of NASDAQ:CRDO traded up $14.93 during midday trading on Wednesday, hitting $163.96. The stock had a trading volume of 7,431,440 shares, compared to its average volume of 5,268,064. Credo Technology Group Holding Ltd. has a 12 month low of $25.04 and a 12 month high of $164.06. The business's 50-day simple moving average is $111.71 and its 200-day simple moving average is $74.98. The company has a market cap of $28.37 billion, a P/E ratio of 244.72 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results on Wednesday, September 3rd. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.02). Credo Technology Group had a net margin of 20.85% and a return on equity of 19.02%. The firm had revenue of $223.07 million during the quarter, compared to the consensus estimate of $190.63 million. During the same period in the prior year, the business posted $0.04 earnings per share. Credo Technology Group's quarterly revenue was up 273.6% compared to the same quarter last year. Credo Technology Group has set its Q2 2026 guidance at EPS. As a group, equities analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. bought a new position in Credo Technology Group in the 2nd quarter worth about $1,296,000. Orion Porfolio Solutions LLC purchased a new stake in shares of Credo Technology Group in the 2nd quarter valued at about $663,000. Thrivent Financial for Lutherans raised its holdings in shares of Credo Technology Group by 5.4% in the 2nd quarter. Thrivent Financial for Lutherans now owns 35,225 shares of the company's stock valued at $3,261,000 after acquiring an additional 1,812 shares in the last quarter. Thompson Davis & CO. Inc. purchased a new stake in shares of Credo Technology Group in the 2nd quarter valued at about $380,000. Finally, B. Riley Wealth Advisors Inc. purchased a new stake in shares of Credo Technology Group in the 2nd quarter valued at about $272,000. Institutional investors own 80.46% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on CRDO. Mizuho lifted their price objective on shares of Credo Technology Group from $135.00 to $155.00 and gave the stock an "outperform" rating in a research report on Thursday, September 4th. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a research note on Thursday, September 4th. TD Cowen boosted their target price on Credo Technology Group from $140.00 to $160.00 and gave the stock a "buy" rating in a research note on Thursday, September 4th. Finally, Needham & Company LLC boosted their price target on Credo Technology Group from $85.00 to $150.00 and gave the stock a "buy" rating in a report on Thursday, September 4th. Two equities research analysts have rated the stock with a Strong Buy rating and twelve have assigned a Buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $126.27.

Credo Technology Group Company Profile

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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