Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells 59,641 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 59,641 shares of Credo Technology Group stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $74.96, for a total transaction of $4,470,689.36. Following the completion of the transaction, the chief technology officer now owns 7,603,961 shares in the company, valued at approximately $569,992,916.56. This trade represents a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

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

• On Monday, June 9th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $72.53, for a total transaction of $3,989,150.00.
• On Friday, May 2nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $48.02, for a total value of $2,641,100.00.
• On Monday, April 28th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $42.95, for a total value of $2,362,250.00.
• On Tuesday, April 22nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $36.74, for a total transaction of $2,020,700.00.
• On Wednesday, April 16th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $37.29, for a total transaction of $2,050,950.00.
• On Thursday, April 10th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $38.78, for a total transaction of $2,132,900.00.
• On Friday, April 4th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $32.96, for a total transaction of $1,812,800.00.
• On Monday, March 24th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $49.77, for a total transaction of $2,737,350.00.
• On Monday, March 17th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $47.29, for a total transaction of $2,600,950.00.

Credo Technology Group Stock Down 2.6%

CRDO stock traded down $1.87 during mid-day trading on Monday, reaching $71.09. The company had a trading volume of 6,543,002 shares, compared to its average volume of 3,857,842. The stock has a market capitalization of $12.07 billion, a P/E ratio of -473.93 and a beta of 2.42. Credo Technology Group Holding Ltd has a one year low of $22.50 and a one year high of $86.69. The stock’s 50-day simple moving average is $50.79 and its two-hundred day simple moving average is $58.72.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. Credo Technology Group had a negative return on equity of 2.94% and a negative net margin of 9.70%. The firm had revenue of $170.00 million for the quarter, compared to analysts’ expectations of $159.59 million. During the same period last year, the firm earned $0.07 EPS. The firm’s revenue was up 179.6% compared to the same quarter last year. On average, research analysts forecast that Credo Technology Group Holding Ltd will post 0.13 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Cowen reaffirmed a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Susquehanna reiterated a “positive” rating and set a $90.00 target price (up from $60.00) on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Barclays set a $85.00 target price on Credo Technology Group and gave the company an “overweight” rating in a research note on Tuesday, June 3rd. Mizuho reduced their target price on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research note on Thursday, April 3rd. Finally, Needham & Company LLC increased their target price on Credo Technology Group from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, June 3rd. Eleven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Credo Technology Group presently has a consensus rating of “Buy” and an average price target of $78.60.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Larson Financial Group LLC raised its stake in shares of Credo Technology Group by 21.5% during the first quarter. Larson Financial Group LLC now owns 1,386 shares of the company’s stock valued at $56,000 after purchasing an additional 245 shares in the last quarter. Operose Advisors LLC raised its stake in shares of Credo Technology Group by 69.2% during the first quarter. Operose Advisors LLC now owns 616 shares of the company’s stock valued at $25,000 after purchasing an additional 252 shares in the last quarter. CIBC Private Wealth Group LLC raised its stake in shares of Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock valued at $75,000 after purchasing an additional 348 shares in the last quarter. Amalgamated Bank raised its stake in shares of Credo Technology Group by 9.4% during the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock valued at $321,000 after purchasing an additional 411 shares in the last quarter. Finally, Arizona State Retirement System raised its stake in shares of Credo Technology Group by 1.2% during the fourth quarter. Arizona State Retirement System now owns 40,931 shares of the company’s stock valued at $2,751,000 after purchasing an additional 501 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

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.