Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells $1,206,150.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $21.93, for a total transaction of $1,206,150.00. Following the sale, the chief technology officer now owns 9,993,602 shares of the company’s stock, valued at approximately $219,159,691.86. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

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

• On Monday, March 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $20.93, for a total transaction of $1,151,150.00.
• On Tuesday, February 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $21.17, for a total transaction of $1,164,350.00.
• On Thursday, February 1st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $20.43, for a total transaction of $1,225,800.00.
• On Monday, January 22nd, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $21.62, for a total transaction of $1,297,200.00.
• On Friday, January 12th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $19.20, for a total transaction of $1,152,000.00.
• On Tuesday, January 2nd, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $18.51, for a total transaction of $1,110,600.00.

Credo Technology Group Stock Down 2.1 %

CRDO stock opened at $21.20 on Thursday. The firm has a market cap of $3.46 billion, a P/E ratio of -92.17 and a beta of 2.00. The company’s 50-day moving average price is $21.43 and its two-hundred day moving average price is $18.54. Credo Technology Group Holding Ltd has a 12 month low of $7.20 and a 12 month high of $23.90.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.01. The company had revenue of $53.06 million for the quarter, compared to analyst estimates of $51.91 million. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The firm’s revenue was down 2.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.02 EPS. Equities analysts predict that Credo Technology Group Holding Ltd will post -0.12 EPS for the current year.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Credo Technology Group by 11.3% during the 4th quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock valued at $272,414,000 after purchasing an additional 1,420,664 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Credo Technology Group by 255.4% during the 3rd quarter. BlackRock Inc. now owns 12,750,435 shares of the company’s stock valued at $140,255,000 after purchasing an additional 9,162,371 shares during the last quarter. Capital Research Global Investors acquired a new stake in Credo Technology Group during the 1st quarter worth approximately $125,306,000. JPMorgan Chase & Co. boosted its position in Credo Technology Group by 17.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock worth $131,931,000 after buying an additional 1,299,600 shares during the period. Finally, State Street Corp boosted its position in Credo Technology Group by 60.4% during the 1st quarter. State Street Corp now owns 6,322,804 shares of the company’s stock worth $59,561,000 after buying an additional 2,381,087 shares during the period. 80.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on CRDO shares. Mizuho reaffirmed a “buy” rating and set a $30.00 price target (up from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. Needham & Company LLC raised their price target on shares of Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. The Goldman Sachs Group raised their price target on shares of Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. TD Cowen raised their target price on shares of Credo Technology Group from $20.00 to $24.00 and gave the company a “market perform” rating in a report on Wednesday, February 28th. Finally, TheStreet raised shares of Credo Technology Group from a “d+” rating to a “c-” rating in a report on Wednesday, November 29th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and an average target price of $23.00.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.