Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng Sells 55,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $17.31, for a total value of $952,050.00. Following the completion of the sale, the chief technology officer now directly owns 9,828,602 shares in the company, valued at approximately $170,133,100.62. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

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

• On Thursday, April 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $22.13, for a total value of $1,217,150.00.
• On Monday, April 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.31, for a total transaction of $1,172,050.00.
• On Thursday, March 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $21.93, for a total transaction of $1,206,150.00.
• 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 value of $1,164,350.00.
• On Thursday, February 1st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $20.43, for a total value of $1,225,800.00.

Credo Technology Group Stock Up 1.6 %

Shares of NASDAQ CRDO traded up $0.27 during trading on Tuesday, reaching $17.59. The company had a trading volume of 1,019,543 shares, compared to its average volume of 2,164,236. The stock has a market cap of $2.87 billion, a P/E ratio of -76.48 and a beta of 1.97. Credo Technology Group Holding Ltd has a 12 month low of $7.20 and a 12 month high of $23.90. The company’s fifty day moving average price is $21.18 and its 200-day moving average price is $19.23.

Credo Technology Group (NASDAQ:CRDO) last released its 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. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The business had revenue of $53.06 million for the quarter, compared to analyst estimates of $51.91 million. During the same quarter in the previous year, the business earned $0.02 earnings per share. Credo Technology Group’s revenue for the quarter was down 2.2% on a year-over-year basis. As a group, equities analysts predict that Credo Technology Group Holding Ltd will post -0.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. 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. TD Cowen increased their price objective on shares of Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 28th. The Goldman Sachs Group increased 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. Needham & Company LLC upped their target price on Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. Finally, Craig Hallum boosted their target price on Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus target price of $24.25.

Institutional Trading of Credo Technology Group

Several hedge funds have recently modified their holdings of the stock. Carnegie Capital Asset Management LLC grew its stake in shares of Credo Technology Group by 19.4% in the 4th quarter. Carnegie Capital Asset Management LLC now owns 293,470 shares of the company’s stock valued at $5,714,000 after buying an additional 47,650 shares during the period. CloudAlpha Capital Management Limited Hong Kong bought a new stake in Credo Technology Group during the 3rd quarter valued at $2,028,000. Vanguard Group Inc. raised its holdings in Credo Technology Group by 31.3% during the third quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock worth $191,705,000 after buying an additional 2,993,303 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Credo Technology Group by 17.7% during the third quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock valued at $131,931,000 after buying an additional 1,299,600 shares during the last quarter. Finally, Moody Aldrich Partners LLC raised its holdings in shares of Credo Technology Group by 67.8% in the 4th quarter. Moody Aldrich Partners LLC now owns 202,707 shares of the company’s stock worth $3,947,000 after acquiring an additional 81,904 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

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.