Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells $2,158,200.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the completion of the sale, the chief technology officer now owns 8,838,602 shares in the company, valued at approximately $346,826,742.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

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

• On Friday, October 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $38.41, for a total transaction of $2,112,550.00.
• On Thursday, October 3rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $31.07, for a total transaction of $1,708,850.00.
• On Monday, September 23rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $29.67, for a total transaction of $1,631,850.00.
• On Friday, September 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $28.22, for a total transaction of $1,552,100.00.
• On Tuesday, September 3rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $32.06, for a total transaction of $1,763,300.00.
• On Monday, August 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $31.08, for a total transaction of $1,709,400.00.
• On Friday, August 9th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $27.33, for a total transaction of $1,503,150.00.
• On Thursday, August 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $26.85, for a total value of $1,476,750.00.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $39.18 on Friday. The stock has a market cap of $6.47 billion, a PE ratio of -217.67 and a beta of 2.24. The business has a fifty day moving average of $32.68 and a two-hundred day moving average of $27.57. Credo Technology Group Holding Ltd has a 52-week low of $13.38 and a 52-week high of $40.37.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. The business had revenue of $59.71 million during the quarter, compared to the consensus estimate of $59.50 million. Analysts predict that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Analyst Upgrades and Downgrades

CRDO has been the subject of several research reports. Barclays raised their target price on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Craig Hallum raised their target price on Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Needham & Company LLC raised their target price on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Stifel Nicolaus raised their target price on Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Bank of America raised their target price on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Credo Technology Group presently has a consensus rating of “Moderate Buy” and an average target price of $36.56.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Credo Technology Group by 7.7% in the first quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company’s stock valued at $319,202,000 after buying an additional 1,072,301 shares during the last quarter. Driehaus Capital Management LLC raised its holdings in shares of Credo Technology Group by 3.1% in the second quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock valued at $121,097,000 after buying an additional 115,271 shares during the last quarter. Swedbank AB raised its holdings in shares of Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after buying an additional 2,961,454 shares during the last quarter. D. E. Shaw & Co. Inc. raised its holdings in shares of Credo Technology Group by 9.1% in the second quarter. D. E. Shaw & Co. Inc. now owns 2,431,433 shares of the company’s stock valued at $77,660,000 after buying an additional 203,739 shares during the last quarter. Finally, Jennison Associates LLC raised its holdings in shares of Credo Technology Group by 1.9% in the first quarter. Jennison Associates LLC now owns 2,375,255 shares of the company’s stock valued at $50,332,000 after buying an additional 45,396 shares during the last quarter. 80.46% of the stock is 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.