Chi Fung Cheng Sells 55,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $27.49, for a total value of $1,511,950.00. Following the transaction, the chief technology officer now owns 9,498,602 shares in the company, valued at approximately $261,116,568.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Thursday, June 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $28.99, for a total value of $1,594,450.00.
• On Monday, May 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $19.07, for a total value of $1,048,850.00.
• On Friday, May 10th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $17.43, for a total value of $958,650.00.
• On Wednesday, May 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $17.41, for a total value of $957,550.00.
• On Friday, April 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $17.31, for a total value of $952,050.00.
• On Thursday, April 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $22.13, for a total value of $1,217,150.00.
• On Monday, April 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.31, for a total value of $1,172,050.00.

Credo Technology Group Price Performance

Shares of CRDO stock opened at $31.29 on Friday. The stock has a fifty day moving average price of $22.35 and a 200 day moving average price of $21.24. Credo Technology Group Holding Ltd has a one year low of $13.38 and a one year high of $31.30. The stock has a market cap of $5.17 billion, a P/E ratio of -173.83 and a beta of 2.20.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Wednesday, May 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.04). Credo Technology Group had a negative return on equity of 4.87% and a negative net margin of 14.70%. The company had revenue of $60.78 million for the quarter, compared to analyst estimates of $60.50 million. Equities research analysts anticipate that Credo Technology Group Holding Ltd will post 0.07 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Carnegie Capital Asset Management LLC raised its stake in Credo Technology Group by 19.4% during the fourth quarter. Carnegie Capital Asset Management LLC now owns 293,470 shares of the company’s stock worth $5,714,000 after acquiring an additional 47,650 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Credo Technology Group by 13.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 958,316 shares of the company’s stock valued at $18,658,000 after buying an additional 111,957 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Credo Technology Group by 31.3% in the third quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock valued at $191,705,000 after buying an additional 2,993,303 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Credo Technology Group by 17.7% in the third quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock valued at $131,931,000 after buying an additional 1,299,600 shares in the last quarter. Finally, Moody Aldrich Partners LLC increased its stake in shares of Credo Technology Group by 67.8% in the fourth quarter. Moody Aldrich Partners LLC now owns 202,707 shares of the company’s stock valued at $3,947,000 after buying an additional 81,904 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Bank of America reissued an “underperform” rating and issued a $22.00 price objective (up from $21.00) on shares of Credo Technology Group in a research report on Thursday, May 30th. Needham & Company LLC increased their price objective on Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Craig Hallum increased their price objective on Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Barclays increased their price objective on Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Finally, TD Cowen raised Credo Technology Group from a “hold” rating to a “buy” rating and raised their target price for the stock from $24.00 to $35.00 in a research report on Tuesday. One investment analyst has rated the stock with a sell rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group currently has an average rating of “Moderate Buy” and an average target price of $28.25.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP.