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 company’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $31.07, for a total transaction of $1,708,850.00. Following the completion of the transaction, the chief technology officer now owns 8,948,602 shares of the company’s stock, valued at approximately $278,033,064.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

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

• On Monday, September 23rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $29.67, for a total value of $1,631,850.00.
• On Friday, September 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $28.22, for a total value of $1,552,100.00.
• On Tuesday, September 3rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $32.06, for a total value of $1,763,300.00.
• On Monday, August 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $31.08, for a total transaction of $1,709,400.00.
• On Friday, August 9th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $27.33, for a total transaction of $1,503,150.00.
• On Thursday, August 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $26.85, for a total transaction of $1,476,750.00.
• On Friday, July 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $29.30, for a total transaction of $1,611,500.00.
• On Thursday, July 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $30.63, for a total value of $1,684,650.00.

Credo Technology Group Stock Performance

CRDO stock opened at $33.71 on Wednesday. Credo Technology Group Holding Ltd has a one year low of $13.38 and a one year high of $36.80. The firm has a market cap of $5.57 billion, a PE ratio of -187.28 and a beta of 2.24. The firm’s 50 day moving average price is $29.90 and its 200-day moving average price is $26.16.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The business had revenue of $59.71 million during the quarter, compared to analysts’ expectations of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. Equities research analysts predict that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of research analyst reports. Bank of America lifted their price target on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research note on Thursday, September 5th. TD Cowen raised shares of Credo Technology Group to a “strong-buy” rating in a report on Monday, September 16th. Barclays raised their price target on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. The Goldman Sachs Group upped their price objective on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, Stifel Nicolaus boosted their target price on Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $34.00.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of Credo Technology Group by 7.7% in the 1st quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company’s stock valued at $319,202,000 after acquiring an additional 1,072,301 shares during the period. Driehaus Capital Management LLC lifted its stake in Credo Technology Group by 3.1% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock worth $121,097,000 after acquiring an additional 115,271 shares in the last quarter. D. E. Shaw & Co. Inc. boosted its holdings in Credo Technology Group by 9.1% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 2,431,433 shares of the company’s stock valued at $77,660,000 after acquiring an additional 203,739 shares during the period. Jennison Associates LLC grew its position in Credo Technology Group by 1.9% in the 1st quarter. Jennison Associates LLC now owns 2,375,255 shares of the company’s stock valued at $50,332,000 after acquiring an additional 45,396 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Credo Technology Group by 13.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company’s stock worth $67,473,000 after purchasing an additional 242,428 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Company Profile

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.