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 the business’s stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $22.13, for a total value of $1,217,150.00. Following the transaction, the chief technology officer now directly owns 9,883,602 shares in the company, valued at approximately $218,724,112.26. The sale was disclosed in a legal 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, 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 stock was 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 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 value of $1,225,800.00.
• On Monday, January 22nd, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $21.62, for a total value of $1,297,200.00.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $18.59 on Thursday. The company has a fifty day moving average of $21.46 and a 200-day moving average of $19.18. The company has a market capitalization of $3.04 billion, a PE ratio of -80.83 and a beta of 1.97. 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 posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. The business 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% on a year-over-year basis. During the same period in the prior year, the business posted $0.02 earnings per share. On average, equities analysts forecast that Credo Technology Group Holding Ltd will post -0.12 EPS for the current fiscal year.

Institutional Trading of Credo Technology Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Carnegie Capital Asset Management LLC increased its holdings in Credo Technology Group by 19.4% in 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 during the period. CloudAlpha Capital Management Limited Hong Kong acquired a new stake in Credo Technology Group during the 3rd quarter worth about $2,028,000. Vanguard Group Inc. grew its holdings in Credo Technology Group by 31.3% during the 3rd quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock worth $191,705,000 after acquiring an additional 2,993,303 shares during the period. JPMorgan Chase & Co. grew its holdings in Credo Technology Group by 17.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock worth $131,931,000 after acquiring an additional 1,299,600 shares during the period. Finally, Moody Aldrich Partners LLC grew its holdings in Credo Technology Group by 67.8% during the 4th quarter. Moody Aldrich Partners LLC now owns 202,707 shares of the company’s stock worth $3,947,000 after acquiring an additional 81,904 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

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.