Chi Fung Cheng Sells 27,500 Shares of Credo Technology Group (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction on Monday, April 6th. The stock was sold at an average price of $103.19, for a total transaction of $2,837,725.00. Following the transaction, the chief technology officer owned 6,162,370 shares of the company’s stock, valued at approximately $635,894,960.30. The trade was a 0.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Sunday, April 5th, Chi Fung Cheng sold 2,434 shares of Credo Technology Group stock. The stock was sold at an average price of $101.45, for a total transaction of $246,929.30.
• On Tuesday, March 31st, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $91.28, for a total transaction of $2,510,200.00.
• On Tuesday, March 24th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $100.67, for a total transaction of $2,768,425.00.
• On Tuesday, March 17th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $107.90, for a total transaction of $2,967,250.00.
• On Wednesday, March 11th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $117.60, for a total transaction of $3,234,000.00.
• On Thursday, January 29th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $127.37, for a total transaction of $3,502,675.00.
• On Thursday, January 22nd, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The shares were sold at an average price of $136.33, for a total transaction of $4,089,900.00.
• On Thursday, January 15th, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The shares were sold at an average price of $155.47, for a total transaction of $4,664,100.00.
• On Thursday, January 8th, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The shares were sold at an average price of $139.93, for a total transaction of $4,197,900.00.

Credo Technology Group Price Performance

Shares of CRDO stock traded up $3.37 during trading hours on Wednesday, hitting $110.16. The stock had a trading volume of 4,551,783 shares, compared to its average volume of 6,993,267. The firm has a market capitalization of $20.32 billion, a PE ratio of 61.20 and a beta of 2.72. Credo Technology Group Holding Ltd. has a twelve month low of $33.04 and a twelve month high of $213.80. The stock’s 50 day moving average is $112.24 and its 200 day moving average is $137.75.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. During the same quarter in the prior year, the firm earned $0.25 earnings per share. The business’s quarterly revenue was up 201.5% compared to the same quarter last year. As a group, equities analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Credo Technology Group by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock worth $2,386,449,000 after purchasing an additional 59,849 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Credo Technology Group by 18.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock worth $1,121,118,000 after purchasing an additional 1,190,522 shares in the last quarter. State Street Corp increased its stake in shares of Credo Technology Group by 23.4% during the 4th quarter. State Street Corp now owns 4,486,320 shares of the company’s stock worth $645,537,000 after purchasing an additional 849,654 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Credo Technology Group by 5.0% during the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock worth $555,117,000 after purchasing an additional 184,676 shares in the last quarter. Finally, Corient Private Wealth LLC increased its stake in shares of Credo Technology Group by 239,024.5% during the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after purchasing an additional 3,597,318 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on CRDO shares. Stifel Nicolaus set a $200.00 price objective on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Weiss Ratings restated a “hold (c)” rating on shares of Credo Technology Group in a research report on Friday, March 27th. The Goldman Sachs Group set a $165.00 target price on shares of Credo Technology Group and gave the company a “buy” rating in a report on Thursday, February 19th. Mizuho dropped their target price on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday, March 3rd. Finally, Barclays reaffirmed an “overweight” rating and issued a $260.00 target price on shares of Credo Technology Group in a report on Thursday, January 15th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Credo Technology Group presently has a consensus rating of “Buy” and an average target price of $206.33.

Credo Technology Group Company Profile

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.