Insider Selling: Credo Technology Group (NASDAQ:CRDO) CTO Sells $5,652,350.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Monday, July 27th. The stock was sold at an average price of $205.54, for a total transaction of $5,652,350.00. Following the transaction, the chief technology officer directly owned 5,799,870 shares in the company, valued at $1,192,105,279.80. This represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, July 21st, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $222.34, for a total transaction of $6,114,350.00.
• On Wednesday, July 8th, Chi Fung Cheng sold 3,790 shares of Credo Technology Group stock. The shares were sold at an average price of $258.71, for a total transaction of $980,510.90.
• On Tuesday, July 7th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $243.06, for a total transaction of $6,684,150.00.
• On Tuesday, June 30th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $269.84, for a total transaction of $7,420,600.00.
• On Tuesday, June 23rd, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $270.94, for a total transaction of $7,450,850.00.
• On Tuesday, June 16th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $246.69, for a total transaction of $6,783,975.00.
• On Thursday, June 11th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $259.53, for a total transaction of $7,137,075.00.
• On Friday, May 1st, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $178.99, for a total value of $4,922,225.00.

Credo Technology Group Stock Up 2.9%

CRDO stock opened at $206.99 on Friday. The firm has a market cap of $38.60 billion, a PE ratio of 83.46, a P/E/G ratio of 0.92 and a beta of 3.20. The business has a 50 day moving average of $236.60 and a 200-day moving average of $171.84. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.14. The business had revenue of $437.00 million for the quarter, compared to analysts’ expectations of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The business’s revenue was up 157.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.20 earnings per share. On average, research analysts expect that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Institutional Trading of Credo Technology Group

Several hedge funds and other institutional investors have recently modified their holdings of the business. NewEdge Advisors LLC grew its stake in Credo Technology Group by 128.4% in the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after buying an additional 3,972 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Credo Technology Group by 63.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after acquiring an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Credo Technology Group by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after acquiring an additional 7,107 shares during the period. CW Advisors LLC bought a new position in shares of Credo Technology Group in the second quarter worth $288,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Credo Technology Group by 198.2% in the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock valued at $46,000 after purchasing an additional 333 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CRDO. Evercore began coverage on shares of Credo Technology Group in a report on Monday, June 22nd. They set an “outperform” rating and a $325.00 price objective for the company. Rothschild & Co Redburn initiated coverage on shares of Credo Technology Group in a research report on Friday, May 1st. They set a “buy” rating and a $206.00 target price for the company. Susquehanna lifted their price target on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a report on Tuesday, July 21st. JPMorgan Chase & Co. upped their price objective on Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a research note on Tuesday, June 2nd. Finally, Needham & Company LLC increased their price objective on Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a report on Monday, June 1st. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $266.17.

About Credo Technology Group

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.