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 stock was sold at an average price of $146.21, for a total transaction of $8,041,550.00. Following the completion of the transaction, the chief technology officer directly owned 7,053,961 shares in the company, valued at approximately $1,031,359,637.81. The trade was a 0.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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 stock was 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 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 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 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 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 stock was sold at an average price of $78.77, for a total transaction of $4,332,350.00.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO traded up $1.99 during mid-day trading on Monday, reaching $163.98. The company's stock had a trading volume of 4,292,286 shares, compared to its average volume of 5,336,829. The stock has a 50-day moving average of $117.33 and a two-hundred day moving average of $78.05. The stock has a market capitalization of $28.37 billion, a P/E ratio of 241.78 and a beta of 2.59. Credo Technology Group Holding Ltd. has a 1-year low of $26.96 and a 1-year high of $168.42.

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

Institutional Trading of Credo Technology Group

Several hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC raised its holdings in Credo Technology Group by 3.5% in the second quarter. Nisa Investment Advisors LLC now owns 3,684 shares of the company's stock valued at $341,000 after acquiring an additional 126 shares in the last quarter. Blue Trust Inc. grew its position in shares of Credo Technology Group by 3.9% during the second quarter. Blue Trust Inc. now owns 4,108 shares of the company's stock worth $380,000 after acquiring an additional 154 shares during the last quarter. Signaturefd LLC grew its position in shares of Credo Technology Group by 32.4% during the second quarter. Signaturefd LLC now owns 703 shares of the company's stock worth $65,000 after acquiring an additional 172 shares during the last quarter. Main Management ETF Advisors LLC grew its position in shares of Credo Technology Group by 1.7% during the second quarter. Main Management ETF Advisors LLC now owns 11,728 shares of the company's stock worth $1,086,000 after acquiring an additional 192 shares during the last quarter. Finally, Larson Financial Group LLC grew its position in Credo Technology Group by 21.5% in the 1st quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock valued at $56,000 after buying an additional 245 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Noble Financial raised shares of Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Cowen reissued a "buy" rating on shares of Credo Technology Group in a report on Thursday, September 4th. Mizuho upped their price objective on shares of Credo Technology Group from $135.00 to $155.00 and gave the company an "outperform" rating in a report on Thursday, September 4th. Susquehanna upped their price objective on shares of Credo Technology Group from $115.00 to $165.00 and gave the company a "positive" rating in a report on Thursday, September 4th. Finally, Wall Street Zen raised shares of Credo Technology Group from a "hold" rating to a "buy" rating in a report on Friday, September 5th. Two investment analysts have rated the stock with a Strong Buy rating and twelve have assigned a Buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target 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.