Insider Selling: Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Sells 55,000 Shares of Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $98.53, for a total transaction of $5,419,150.00. Following the transaction, the chief technology officer directly owned 7,273,961 shares in the company, valued at $716,703,377.33. This represents a 0.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• 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 value 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 value 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 value of $3,989,150.00.
• On Thursday, June 5th, Chi Fung Cheng sold 59,641 shares of Credo Technology Group stock. The stock was 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 transaction 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 transaction of $2,362,250.00.
• On Tuesday, April 22nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $36.74, for a total transaction of $2,020,700.00.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $93.47 on Friday. Credo Technology Group Holding Ltd. has a 1-year low of $22.50 and a 1-year high of $104.35. The business’s 50 day moving average is $78.64 and its two-hundred day moving average is $63.69. The stock has a market capitalization of $16.04 billion, a P/E ratio of 346.19, a PEG ratio of 1.77 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. The firm had revenue of $170.00 million during the quarter, compared to analysts’ expectations of $159.59 million. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The company’s quarterly revenue was up 179.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.07 EPS. As a group, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Operose Advisors LLC raised its stake in shares of Credo Technology Group by 69.2% in the first quarter. Operose Advisors LLC now owns 616 shares of the company’s stock valued at $25,000 after acquiring an additional 252 shares during the period. Northwestern Mutual Wealth Management Co. bought a new position in Credo Technology Group during the 1st quarter valued at about $25,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Credo Technology Group during the 1st quarter valued at about $27,000. Harbour Investments Inc. purchased a new stake in Credo Technology Group in the 1st quarter worth about $29,000. Finally, Virtus Advisers LLC bought a new stake in Credo Technology Group in the first quarter worth about $31,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CRDO. Roth Capital set a $95.00 price target on shares of Credo Technology Group and gave the company a “buy” rating in a report on Friday, June 13th. Needham & Company LLC lifted their target price on Credo Technology Group from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Tuesday, June 3rd. Noble Financial upgraded Credo Technology Group to a “strong-buy” rating in a research report on Tuesday, June 3rd. Susquehanna reissued a “positive” rating and set a $90.00 price target (up from $60.00) on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Finally, Cowen restated a “buy” rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. 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. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $85.64.

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.