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 that occurred on Wednesday, May 1st. The shares were sold at an average price of $17.41, for a total value of $957,550.00. Following the completion of the transaction, the chief technology officer now directly owns 9,773,602 shares of the company’s stock, valued at approximately $170,158,410.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Friday, April 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were 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 value 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 value of $1,206,150.00.
• On Monday, March 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $20.93, for a total value 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.

Credo Technology Group Price Performance

NASDAQ CRDO traded down $0.12 during trading hours on Friday, hitting $17.18. The company’s stock had a trading volume of 2,143,560 shares, compared to its average volume of 2,112,756. The company’s 50-day simple moving average is $20.47 and its two-hundred day simple moving average is $19.28. Credo Technology Group Holding Ltd has a 52 week low of $7.20 and a 52 week high of $23.90.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.01. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. The business had revenue of $53.06 million during the quarter, compared to the consensus estimate of $51.91 million. During the same quarter in the prior year, the company posted $0.02 earnings per share. Credo Technology Group’s revenue was down 2.2% compared to the same quarter last year. As a group, research analysts anticipate that Credo Technology Group Holding Ltd will post -0.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jennison Associates LLC increased its position in shares of Credo Technology Group by 1.9% during the first quarter. Jennison Associates LLC now owns 2,375,255 shares of the company’s stock valued at $50,332,000 after acquiring an additional 45,396 shares during the last quarter. Capstone Investment Advisors LLC bought a new position in Credo Technology Group in the 1st quarter valued at $2,732,000. Principal Financial Group Inc. increased its position in shares of Credo Technology Group by 3.4% during the 1st quarter. Principal Financial Group Inc. now owns 1,631,832 shares of the company’s stock valued at $34,579,000 after purchasing an additional 53,432 shares during the last quarter. Ulland Investment Advisors LLC bought a new stake in shares of Credo Technology Group during the 1st quarter worth $29,000. Finally, Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of Credo Technology Group in the 1st quarter worth about $319,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.