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 Friday, June 21st. The shares were sold at an average price of $27.49, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $29.71 on Thursday. Credo Technology Group Holding Ltd has a 1 year low of $13.38 and a 1 year high of $30.00. The firm has a market capitalization of $4.91 billion, a price-to-earnings ratio of -165.06 and a beta of 2.20. The business’s 50 day moving average price is $22.08 and its 200-day moving average price is $21.17.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Wednesday, May 29th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). The firm had revenue of $60.78 million during the quarter, compared to analysts’ expectations of $60.50 million. Credo Technology Group had a negative net margin of 14.70% and a negative return on equity of 4.87%. On average, sell-side analysts expect that Credo Technology Group Holding Ltd will post 0.07 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRDO. Ulland Investment Advisors LLC purchased a new position in Credo Technology Group in the 1st quarter valued at $29,000. Covestor Ltd lifted its holdings in Credo Technology Group by 19,240.0% in the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after purchasing an additional 1,924 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in Credo Technology Group by 47.6% in the 1st quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock valued at $81,000 after purchasing an additional 1,229 shares in the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of Credo Technology Group in the 1st quarter worth $97,000. Finally, Assetmark Inc. increased its stake in shares of Credo Technology Group by 30.1% in the 4th quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock worth $106,000 after acquiring an additional 1,263 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CRDO has been the topic of several research reports. Needham & Company LLC increased their price target on shares of Credo Technology Group from $26.00 to $29.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. The Goldman Sachs Group raised their price objective on shares of Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. Bank of America reaffirmed an “underperform” rating and set a $22.00 price objective (up previously from $21.00) on shares of Credo Technology Group in a research note on Thursday, May 30th. Craig Hallum raised their price objective on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Finally, TD Cowen raised shares of Credo Technology Group from a “hold” rating to a “buy” rating and raised their price objective for the stock from $24.00 to $35.00 in a research note on Tuesday. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $28.25.

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.