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 Credo Technology Group stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $17.31, for a total transaction of $952,050.00. Following the sale, the chief technology officer now owns 9,828,602 shares of the company’s stock, valued at $170,133,100.62. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

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

• On Thursday, April 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $22.13, for a total value 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.
• On Thursday, March 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.93, for a total transaction of $1,206,150.00.
• 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 stock was sold at an average price of $21.17, for a total value of $1,164,350.00.
• On Thursday, February 1st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $20.43, for a total transaction of $1,225,800.00.

Credo Technology Group Stock Up 1.6 %

NASDAQ:CRDO traded up $0.27 during trading hours on Tuesday, reaching $17.59. 1,019,543 shares of the stock were exchanged, compared to its average volume of 2,164,236. Credo Technology Group Holding Ltd has a 52 week low of $7.20 and a 52 week high of $23.90. The stock has a market capitalization of $2.87 billion, a P/E ratio of -76.48 and a beta of 1.97. The firm has a 50 day simple moving average of $21.18 and a 200-day simple moving average of $19.23.

Credo Technology Group (NASDAQ:CRDO) last issued its 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. The company had revenue of $53.06 million during the quarter, compared to the consensus estimate of $51.91 million. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. Credo Technology Group’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.02 earnings per share. As a group, analysts expect that Credo Technology Group Holding Ltd will post -0.12 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently issued reports on CRDO shares. Craig Hallum upped their price objective on shares of Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, April 15th. Mizuho reissued a “buy” rating and set a $30.00 price target (up previously from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. TD Cowen lifted their price objective on Credo Technology Group from $20.00 to $24.00 and gave the company a “market perform” rating in a research report on Wednesday, February 28th. The Goldman Sachs Group upped their target price on Credo Technology Group from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. Finally, Needham & Company LLC raised their price target on Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $24.25.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds have recently made changes to their positions in the business. Carnegie Capital Asset Management LLC raised its stake in shares of Credo Technology Group by 19.4% during the fourth quarter. Carnegie Capital Asset Management LLC now owns 293,470 shares of the company’s stock valued at $5,714,000 after purchasing an additional 47,650 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong acquired a new stake in shares of Credo Technology Group during the third quarter worth $2,028,000. Vanguard Group Inc. lifted its holdings in shares of Credo Technology Group by 31.3% during the third quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock valued at $191,705,000 after purchasing an additional 2,993,303 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Credo Technology Group by 17.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock valued at $131,931,000 after purchasing an additional 1,299,600 shares during the period. Finally, Moody Aldrich Partners LLC increased its stake in Credo Technology Group by 67.8% in the 4th quarter. Moody Aldrich Partners LLC now owns 202,707 shares of the company’s stock worth $3,947,000 after purchasing an additional 81,904 shares in the last quarter. Institutional investors 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.