Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Sells $5,891,600.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $107.12, for a total transaction of $5,891,600.00. Following the completion of the sale, the chief technology officer owned 7,108,961 shares of the company’s stock, valued at approximately $761,511,902.32. The trade was a 0.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

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

• 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 value of $5,819,000.00.
• On Monday, July 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $96.54, for a total value 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 value of $5,419,150.00.
• On Monday, July 7th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was 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 shares were sold at an average price of $92.65, for a total transaction of $5,095,750.00.
• On Monday, June 23rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $84.37, for a total transaction of $4,640,350.00.
• On Monday, June 16th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $78.77, for a total transaction of $4,332,350.00.
• On Monday, June 9th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $72.53, for a total transaction of $3,989,150.00.
• 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.

Credo Technology Group Trading Up 6.4%

Shares of NASDAQ CRDO opened at $117.34 on Thursday. The company has a 50-day moving average of $90.55 and a two-hundred day moving average of $66.68. Credo Technology Group Holding Ltd. has a 1-year low of $24.08 and a 1-year high of $118.95. The company has a market cap of $20.14 billion, a PE ratio of 434.59, a P/E/G ratio of 1.98 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.08. The company had revenue of $170.00 million for the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The company’s revenue was up 179.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.07 EPS. As a group, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC increased its position in shares of Credo Technology Group by 3.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,684 shares of the company’s stock valued at $341,000 after buying an additional 126 shares in the last quarter. Blue Trust Inc. lifted its stake in Credo Technology Group by 3.9% in the second quarter. Blue Trust Inc. now owns 4,108 shares of the company’s stock valued at $380,000 after buying an additional 154 shares in the last quarter. Signaturefd LLC lifted its stake in Credo Technology Group by 32.4% in the second quarter. Signaturefd LLC now owns 703 shares of the company’s stock valued at $65,000 after buying an additional 172 shares in the last quarter. Larson Financial Group LLC boosted its holdings in shares of Credo Technology Group by 21.5% in the first quarter. Larson Financial Group LLC now owns 1,386 shares of the company’s stock valued at $56,000 after buying an additional 245 shares during the period. Finally, Operose Advisors LLC increased its position 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 worth $25,000 after acquiring an additional 252 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CRDO has been the subject of a number of recent research reports. Cowen reissued a “buy” rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Susquehanna lifted their price objective on Credo Technology Group from $90.00 to $115.00 and gave the company a “positive” rating in a report on Tuesday, July 22nd. Wall Street Zen downgraded shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research note on Saturday, July 12th. Stifel Nicolaus increased their target price on shares of Credo Technology Group from $80.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, July 18th. Finally, TD Cowen lifted their price target on shares of Credo Technology Group from $85.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday, June 18th. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $87.91.

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.