Chi Fung Cheng Sells 30,000 Shares of Credo Technology Group (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 30,000 shares of the company’s stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $136.33, for a total transaction of $4,089,900.00. Following the completion of the sale, the chief technology officer directly owned 6,327,370 shares in the company, valued at approximately $862,610,352.10. The trade was a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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

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

Credo Technology Group Stock Performance

CRDO opened at $129.57 on Wednesday. The company has a fifty day moving average of $151.01 and a two-hundred day moving average of $141.54. The stock has a market capitalization of $23.40 billion, a price-to-earnings ratio of 113.66 and a beta of 2.66. Credo Technology Group Holding Ltd. has a fifty-two week low of $29.09 and a fifty-two week high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last posted 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. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The firm had revenue of $268.03 million for the quarter, compared to analysts’ expectations of $234.99 million. The company’s quarterly revenue was up 272.1% on a year-over-year basis. During the same period last year, the firm earned $0.07 EPS. On average, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Analysts Set New Price Targets

CRDO has been the topic of a number of research analyst reports. JPMorgan Chase & Co. assumed coverage on shares of Credo Technology Group in a research note on Friday, October 17th. They issued an “overweight” rating and a $165.00 price target on the stock. Susquehanna increased their price objective on shares of Credo Technology Group from $165.00 to $175.00 and gave the company a “positive” rating in a report on Wednesday, October 22nd. New Street Research set a $240.00 target price on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Mizuho raised their price target on shares of Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a research note on Tuesday, December 2nd. Finally, Roth Mkm lifted their price objective on Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $216.54.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CRDO. Vanguard Group Inc. increased its holdings in shares of Credo Technology Group by 0.9% in the third quarter. Vanguard Group Inc. now owns 16,525,380 shares of the company’s stock valued at $2,406,261,000 after purchasing an additional 150,012 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Credo Technology Group by 18.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock valued at $1,121,118,000 after buying an additional 1,190,522 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Credo Technology Group by 4.7% in the 2nd quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock worth $334,740,000 after acquiring an additional 163,305 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after acquiring an additional 1,218,504 shares during the period. Finally, Bank of America Corp DE boosted its position in shares of Credo Technology Group by 161.5% during the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after acquiring an additional 1,406,752 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.