Insider Selling: Credo Technology Group (NASDAQ:CRDO) CTO Sells 30,000 Shares of Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $155.47, for a total transaction of $4,664,100.00. Following the completion of the sale, the chief technology officer directly owned 6,357,370 shares in the company, valued at $988,380,313.90. This represents a 0.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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

• 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 transaction 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 transaction 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 transaction 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.
• On Monday, December 15th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $143.94, for a total value of $7,916,700.00.
• On Monday, December 8th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $174.70, for a total value of $9,608,500.00.
• On Monday, October 27th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $156.32, for a total value of $8,597,600.00.

Credo Technology Group Trading Up 1.5%

CRDO stock traded up $2.25 during midday trading on Tuesday, reaching $153.22. The stock had a trading volume of 6,072,430 shares, compared to its average volume of 6,259,941. Credo Technology Group Holding Ltd. has a 52-week low of $29.09 and a 52-week high of $213.80. The company’s fifty day simple moving average is $152.50 and its 200 day simple moving average is $139.81. The company has a market cap of $27.68 billion, a price-to-earnings ratio of 134.40 and a beta of 2.66.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. The business had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The company’s quarterly revenue was up 272.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.07 earnings per share. Sell-side analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the company. Signaturefd LLC boosted its holdings in Credo Technology Group by 28.5% during the 4th quarter. Signaturefd LLC now owns 948 shares of the company’s stock valued at $136,000 after acquiring an additional 210 shares during the period. Stratos Wealth Partners LTD. lifted its position in shares of Credo Technology Group by 1.8% during the fourth quarter. Stratos Wealth Partners LTD. now owns 77,852 shares of the company’s stock worth $11,202,000 after purchasing an additional 1,389 shares in the last quarter. Sara Bay Financial boosted its position in Credo Technology Group by 15.0% in the 4th quarter. Sara Bay Financial now owns 2,300 shares of the company’s stock valued at $333,000 after buying an additional 300 shares during the period. Global Trust Asset Management LLC increased its holdings in Credo Technology Group by 56.6% during the 4th quarter. Global Trust Asset Management LLC now owns 23,313 shares of the company’s stock worth $3,355,000 after purchasing an additional 8,430 shares during the period. Finally, Crewe Advisors LLC raised its holdings in Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after acquiring an additional 106 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Bank of America upped their price target on Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. Cowen reissued a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, December 4th. Wall Street Zen upgraded shares of Credo Technology Group from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Finally, Needham & Company LLC boosted their target price on shares of Credo Technology Group from $190.00 to $220.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $220.42.

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.