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 the company's stock for approximately $9.07 million on September 22nd, reducing his ownership stake by 0.79%.
• Credo Technology Group's stock traded down $12.88 to $149.38 recently, with a market capitalization of $25.84 billion and a PE ratio of 222.96.
• Analysts have increased price targets for Credo Technology Group, with Needham & Company boosting it from $85.00 to $150.00, indicating strong positivity towards the stock.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $164.98, for a total value of $9,073,900.00. Following the transaction, the chief technology officer directly owned 6,943,961 shares in the company, valued at $1,145,614,685.78. This trade represents a 0.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

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

• On Monday, September 15th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $163.98, for a total transaction of $9,018,900.00.
• On Monday, September 8th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $146.21, for a total transaction of $8,041,550.00.
• 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 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 stock was sold at an average price of $92.65, for a total transaction of $5,095,750.00.

Credo Technology Group Stock Performance

NASDAQ:CRDO traded down $12.88 during midday trading on Wednesday, reaching $149.38. 7,756,772 shares of the stock traded hands, compared to its average volume of 5,300,194. The business has a 50-day moving average of $125.51 and a two-hundred day moving average of $82.78. The stock has a market capitalization of $25.84 billion, a PE ratio of 222.96 and a beta of 2.59. Credo Technology Group Holding Ltd. has a 12-month low of $29.09 and a 12-month high of $176.70.

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

Analyst Upgrades and Downgrades

Several research analysts have commented on CRDO shares. Needham & Company LLC boosted their price target on shares of Credo Technology Group from $85.00 to $150.00 and gave the stock a "buy" rating in a report on Thursday, September 4th. Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Roth Capital upped their price objective on shares of Credo Technology Group from $95.00 to $160.00 and gave the stock a "buy" rating in a research report on Thursday, September 4th. Wall Street Zen cut shares of Credo Technology Group from a "buy" rating to a "hold" rating in a research note on Saturday. Finally, Barclays raised their target price on shares of Credo Technology Group from $85.00 to $165.00 and gave the company an "overweight" rating in a report on Thursday, September 4th. Two investment analysts have rated the stock with a Strong Buy rating and thirteen have assigned a Buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $126.27.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRDO. Vanguard Group Inc. lifted its position in Credo Technology Group by 2.7% in the second quarter. Vanguard Group Inc. now owns 16,375,368 shares of the company's stock worth $1,516,195,000 after purchasing an additional 430,445 shares during the period. JPMorgan Chase & Co. lifted its position in Credo Technology Group by 36.5% in the second quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company's stock worth $602,662,000 after purchasing an additional 1,739,844 shares during the period. Geode Capital Management LLC lifted its position in Credo Technology Group by 4.7% in the second quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company's stock worth $334,740,000 after purchasing an additional 163,305 shares during the period. Swedbank AB lifted its position in 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 purchasing an additional 733,811 shares during the period. Finally, Alliancebernstein L.P. lifted its position in Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock worth $283,778,000 after purchasing an additional 1,218,504 shares during the period. Institutional investors and hedge funds own 80.46% of the company's stock.

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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