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 the company’s stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $72.53, for a total value of $3,989,150.00. Following the completion of the transaction, the chief technology officer now owns 7,548,961 shares of the company’s stock, valued at approximately $547,526,141.33. This represents a 0.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

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

• On Thursday, June 5th, Chi Fung Cheng sold 59,641 shares of Credo Technology Group stock. The shares were sold at an average price of $74.96, for a total value of $4,470,689.36.
• 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 value of $2,020,700.00.
• On Wednesday, April 16th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $37.29, for a total value 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 value 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 value 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 value of $2,737,350.00.
• On Monday, March 17th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $47.29, for a total value of $2,600,950.00.

Credo Technology Group Stock Down 3.6%

Shares of CRDO stock opened at $68.53 on Wednesday. The stock has a 50-day simple moving average of $51.42 and a 200 day simple moving average of $58.79. Credo Technology Group Holding Ltd has a fifty-two week low of $22.50 and a fifty-two week high of $86.69. The stock has a market capitalization of $11.64 billion, a P/E ratio of -456.87 and a beta of 2.42.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share 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 business had revenue of $170.00 million during the quarter, compared to analysts’ expectations of $159.59 million. During the same quarter last year, the business posted $0.07 earnings per share. The company’s quarterly revenue was up 179.6% on a year-over-year basis. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd will post 0.13 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Operose Advisors LLC boosted its position in shares of Credo Technology Group by 69.2% in the 1st quarter. Operose Advisors LLC now owns 616 shares of the company’s stock valued at $25,000 after purchasing an additional 252 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Credo Technology Group in the 1st quarter valued at $25,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Credo Technology Group in the 1st quarter valued at $27,000. Harbour Investments Inc. acquired a new position in shares of Credo Technology Group in the 1st quarter valued at $29,000. Finally, Virtus Advisers LLC acquired a new position in shares of Credo Technology Group in the 1st quarter valued at $31,000. Institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

CRDO has been the topic of several analyst reports. Bank of America dropped their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Stifel Nicolaus increased their price target on Credo Technology Group from $69.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, June 3rd. Barclays set a $85.00 price target on Credo Technology Group and gave the stock an “overweight” rating in a research note on Tuesday, June 3rd. Susquehanna reissued a “positive” rating and issued a $90.00 price target (up previously from $60.00) on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Finally, Needham & Company LLC increased their price target on Credo Technology Group from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday, June 3rd. Eleven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Credo Technology Group has an average rating of “Buy” and an average target price of $78.60.

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.