Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO 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 Friday, November 8th. The stock was sold at an average price of $47.37, for a total transaction of $2,605,350.00. Following the transaction, the chief technology officer now directly owns 8,728,602 shares in the company, valued at $413,473,876.74. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

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

• On Monday, October 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $39.24, for a total value of $2,158,200.00.
• On Friday, October 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were 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 stock was sold at an average price of $29.67, for a total transaction of $1,631,850.00.
• On Friday, September 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were 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 value of $1,763,300.00.
• On Monday, August 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $31.08, for a total value of $1,709,400.00.

Credo Technology Group Trading Down 0.1 %

Shares of CRDO traded down $0.03 during trading hours on Tuesday, reaching $46.45. 1,791,787 shares of the company’s stock traded hands, compared to its average volume of 2,239,690. Credo Technology Group Holding Ltd has a 12 month low of $15.54 and a 12 month high of $48.94. The stock has a market cap of $7.71 billion, a PE ratio of -290.50 and a beta of 2.19. The firm’s 50 day simple moving average is $34.18 and its 200-day simple moving average is $29.29.

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

Analysts Set New Price Targets

CRDO has been the subject of a number of recent analyst reports. Craig Hallum increased their price target on Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. The Goldman Sachs Group raised their target price on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a report on Friday, September 6th. Bank of America upped their price objective on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research report on Thursday, September 5th. TD Cowen raised Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Mizuho upped their price target on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $36.56.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently bought and sold shares of CRDO. Thornburg Investment Management Inc. raised its position in Credo Technology Group by 37.1% during the 1st quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock valued at $5,029,000 after purchasing an additional 64,177 shares during the last quarter. Principal Financial Group Inc. grew its position in Credo Technology Group by 22.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after purchasing an additional 368,518 shares during the last quarter. Carnegie Investment Counsel increased its position in shares of Credo Technology Group by 7.3% during the third quarter. Carnegie Investment Counsel now owns 312,000 shares of the company’s stock valued at $9,610,000 after acquiring an additional 21,350 shares in the last quarter. Swiss National Bank increased its holdings in shares of Credo Technology Group by 14.7% in the 1st quarter. Swiss National Bank now owns 254,416 shares of the company’s stock worth $5,391,000 after purchasing an additional 32,600 shares in the last quarter. Finally, Castleark Management LLC bought a new stake in shares of Credo Technology Group in the first quarter worth approximately $3,876,000. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Company Profile

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.