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

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, March 21st. The shares were sold at an average price of $21.93, for a total transaction of $1,206,150.00. Following the sale, the chief technology officer now directly owns 9,993,602 shares in the company, valued at $219,159,691.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Monday, March 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $20.93, for a total transaction of $1,151,150.00.
• On Tuesday, February 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.17, for a total transaction of $1,164,350.00.
• On Thursday, February 1st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $20.43, for a total transaction of $1,225,800.00.
• On Monday, January 22nd, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.62, for a total transaction of $1,297,200.00.
• On Friday, January 12th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $19.20, for a total transaction of $1,152,000.00.
• On Tuesday, January 2nd, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $18.51, for a total transaction of $1,110,600.00.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $21.20 on Thursday. Credo Technology Group Holding Ltd has a one year low of $7.20 and a one year high of $23.90. The firm’s 50 day simple moving average is $21.43 and its two-hundred day simple moving average is $18.54. The stock has a market capitalization of $3.46 billion, a P/E ratio of -92.17 and a beta of 2.00.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The business had revenue of $53.06 million for the quarter, compared to analysts’ expectations of $51.91 million. During the same period last year, the business earned $0.02 earnings per share. The business’s quarterly revenue was down 2.2% on a year-over-year basis. As a group, equities analysts expect that Credo Technology Group Holding Ltd will post -0.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada bought a new position in shares of Credo Technology Group in the first quarter worth approximately $26,000. Ameritas Investment Partners Inc. bought a new position in shares of Credo Technology Group in the first quarter worth approximately $26,000. Advisors Asset Management Inc. grew its holdings in shares of Credo Technology Group by 295.9% in the third quarter. Advisors Asset Management Inc. now owns 1,841 shares of the company’s stock worth $28,000 after purchasing an additional 1,376 shares during the last quarter. KBC Group NV bought a new position in shares of Credo Technology Group in the fourth quarter worth approximately $43,000. Finally, Altshuler Shaham Ltd bought a new position in shares of Credo Technology Group in the fourth quarter worth approximately $40,000. Institutional investors own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CRDO has been the topic of a number of recent analyst reports. Mizuho reissued a “buy” rating and issued a $30.00 price target (up from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $20.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, November 30th. TheStreet upgraded shares of Credo Technology Group from a “d+” rating to a “c-” rating in a research report on Wednesday, November 29th. Needham & Company LLC upped their price objective on shares of Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Finally, The Goldman Sachs Group upped 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 report on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.00.

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.