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 firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $47.37, for a total value of $2,605,350.00. Following the sale, the chief technology officer now directly owns 8,728,602 shares of the company’s stock, valued at $413,473,876.74. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

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

• On Monday, October 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $39.24, for a total value of $2,158,200.00.
• On Friday, October 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $38.41, for a total value of $2,112,550.00.
• On Thursday, October 3rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $31.07, for a total transaction of $1,708,850.00.
• 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 transaction 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 transaction of $1,552,100.00.
• On Tuesday, September 3rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were 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 value of $1,709,400.00.

Credo Technology Group Stock Down 0.1 %

Shares of NASDAQ CRDO opened at $46.45 on Wednesday. Credo Technology Group Holding Ltd has a twelve month low of $15.54 and a twelve month high of $48.94. The stock has a market cap of $7.71 billion, a price-to-earnings ratio of -290.31 and a beta of 2.19. The company’s fifty day moving average is $34.71 and its 200-day moving average is $29.69.

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

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRDO. Thornburg Investment Management Inc. boosted its position in Credo Technology Group by 37.1% during the first quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock valued at $5,029,000 after purchasing an additional 64,177 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Credo Technology Group by 22.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after purchasing an additional 368,518 shares in the last quarter. Carnegie Investment Counsel boosted its holdings in shares of Credo Technology Group by 7.3% in the 3rd quarter. Carnegie Investment Counsel now owns 312,000 shares of the company’s stock valued at $9,610,000 after buying an additional 21,350 shares during the last quarter. Swiss National Bank grew its stake in shares of Credo Technology Group by 14.7% in the first quarter. Swiss National Bank now owns 254,416 shares of the company’s stock valued at $5,391,000 after buying an additional 32,600 shares in the last quarter. Finally, Castleark Management LLC acquired a new position in Credo Technology Group during the first quarter worth $3,876,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CRDO shares. TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. Barclays boosted 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 report on Thursday, September 5th. Mizuho lifted their target price on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Needham & Company LLC boosted their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Finally, Bank of America raised their price objective on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $36.56.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, 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, as well as integrated circuits, active electrical cables.