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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $39.24, for a total value of $2,158,200.00. Following the completion of the transaction, the chief technology officer now owns 8,838,602 shares of the company’s stock, valued at approximately $346,826,742.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

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

• On Friday, October 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was 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 stock was sold at an average price of $31.07, for a total value 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 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 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 transaction of $1,763,300.00.
• On Monday, August 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was 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 value 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 value of $1,476,750.00.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $38.67 on Thursday. The stock has a market capitalization of $6.39 billion, a price-to-earnings ratio of -214.81 and a beta of 2.24. Credo Technology Group Holding Ltd has a 1-year low of $13.38 and a 1-year high of $40.37. The company has a 50 day moving average price of $32.33 and a 200 day moving average price of $27.37.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. The Goldman Sachs Group increased their price target on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. TD Cowen raised shares of Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. Needham & Company LLC boosted their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Stifel Nicolaus increased their price objective on shares of Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Roth Mkm boosted their target price on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and an average price target of $36.56.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently modified their holdings of CRDO. Swedbank AB lifted its stake in Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after buying an additional 2,961,454 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Credo Technology Group by 11.3% in the 4th quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock valued at $272,414,000 after acquiring an additional 1,420,664 shares in the last quarter. TimesSquare Capital Management LLC acquired a new position in Credo Technology Group in the 1st quarter worth approximately $22,535,000. Healthcare of Ontario Pension Plan Trust Fund grew its position in Credo Technology Group by 290.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company’s stock worth $25,096,000 after purchasing an additional 881,344 shares in the last quarter. Finally, Westfield Capital Management Co. LP acquired a new stake in Credo Technology Group during the 1st quarter valued at $17,847,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

About Credo Technology Group

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.