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

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $107.90, for a total transaction of $2,967,250.00. Following the sale, the chief technology officer directly owned 6,244,870 shares of the company’s stock, valued at approximately $673,821,473. This represents a 0.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

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

• On Wednesday, March 11th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was 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 stock was sold at an average price of $127.37, for a total value 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 value 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 value of $4,664,100.00.
• On Thursday, January 8th, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The stock was sold at an average price of $139.93, for a total value of $4,197,900.00.
• On Friday, January 2nd, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The stock was sold at an average price of $143.61, for a total value of $4,308,300.00.
• On Monday, December 29th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $143.41, for a total value of $7,887,550.00.
• On Monday, December 22nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $150.77, for a total value of $8,292,350.00.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO traded up $5.35 during trading on Thursday, hitting $107.07. 6,914,086 shares of the company were exchanged, compared to its average volume of 7,351,899. The company has a fifty day moving average price of $124.92 and a 200-day moving average price of $142.81. The firm has a market capitalization of $19.75 billion, a PE ratio of 59.48 and a beta of 2.67. Credo Technology Group Holding Ltd. has a 12-month low of $29.09 and a 12-month high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) 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 firm had revenue of $407.01 million during the quarter, compared to analysts’ expectations of $385.94 million. During the same period last year, the business earned $0.25 earnings per share. Credo Technology Group’s revenue was up 201.5% compared to the same quarter last year. 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

A number of large investors have recently added to or reduced their stakes in the company. California Public Employees Retirement System boosted its holdings in Credo Technology Group by 17.2% during the 2nd quarter. California Public Employees Retirement System now owns 257,567 shares of the company’s stock valued at $23,848,000 after acquiring an additional 37,772 shares during the period. Optimize Financial Inc purchased a new stake in Credo Technology Group during the third quarter worth about $1,431,000. Estate Counselors LLC acquired a new stake in shares of Credo Technology Group during the third quarter worth about $2,548,000. Global Trust Asset Management LLC purchased a new position in shares of Credo Technology Group in the third quarter valued at approximately $2,167,000. Finally, New York State Common Retirement Fund boosted its stake in shares of Credo Technology Group by 106.5% in the third quarter. New York State Common Retirement Fund now owns 146,134 shares of the company’s stock valued at $21,279,000 after purchasing an additional 75,369 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently commented on CRDO. Barclays reaffirmed an “overweight” rating and set a $260.00 price target on shares of Credo Technology Group in a research report on Thursday, January 15th. Mizuho cut their target price on Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, March 3rd. Weiss Ratings restated a “hold (c)” rating on shares of Credo Technology Group in a research report on Monday, December 29th. Roth Mkm lowered their price target on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, February 10th. Finally, Rosenblatt Securities cut their price objective on Credo Technology Group from $170.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Credo Technology Group currently has an average rating of “Buy” and an average price target of $206.33.

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.