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 stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $38.41, for a total transaction of $2,112,550.00. Following the completion of the sale, the chief technology officer now owns 8,893,602 shares of the company’s stock, valued at approximately $341,603,252.82. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• 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 transaction 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 value 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 value of $1,552,100.00.
• On Tuesday, September 3rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was 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.
• On Friday, August 9th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $27.33, for a total value of $1,503,150.00.
• On Thursday, August 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $26.85, for a total transaction of $1,476,750.00.
• On Friday, July 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $29.30, for a total transaction of $1,611,500.00.

Credo Technology Group Stock Up 1.7 %

Shares of NASDAQ CRDO opened at $37.61 on Friday. The company has a market cap of $6.21 billion, a P/E ratio of -208.94 and a beta of 2.24. Credo Technology Group Holding Ltd has a 52 week low of $13.38 and a 52 week high of $40.37. The business has a 50-day simple moving average of $31.47 and a two-hundred day simple moving average of $26.85.

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

Institutional Trading of Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the business. Vontobel Holding Ltd. bought a new position in shares of Credo Technology Group in the third quarter worth approximately $584,000. SeaCrest Wealth Management LLC increased its holdings in shares of Credo Technology Group by 8.3% in the 3rd quarter. SeaCrest Wealth Management LLC now owns 12,261 shares of the company’s stock worth $378,000 after buying an additional 938 shares during the last quarter. Swedbank AB raised its position in shares of Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after buying an additional 2,961,454 shares in the last quarter. Creative Planning bought a new stake in shares of Credo Technology Group during the 3rd quarter worth $359,000. Finally, Wesbanco Bank Inc. bought a new position in Credo Technology Group in the third quarter valued at $478,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CRDO. Stifel Nicolaus lifted their price target on shares of Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Roth Mkm boosted their target price on Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. The Goldman Sachs Group increased their price target on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Craig Hallum boosted their price objective on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Finally, Bank of America increased their target price 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. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus target price of $35.44.

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.