Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells $1,511,950.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $27.49, for a total transaction of $1,511,950.00. Following the completion of the sale, the chief technology officer now owns 9,498,602 shares of the company’s stock, valued at approximately $261,116,568.98. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

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

• On Thursday, June 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $28.99, for a total transaction of $1,594,450.00.
• On Monday, May 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $19.07, for a total transaction of $1,048,850.00.
• On Friday, May 10th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $17.43, for a total transaction of $958,650.00.
• On Wednesday, May 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $17.41, for a total transaction of $957,550.00.
• On Friday, April 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was 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 transaction of $1,172,050.00.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $31.29 on Friday. Credo Technology Group Holding Ltd has a 12-month low of $13.38 and a 12-month high of $31.30. The stock has a market capitalization of $5.17 billion, a P/E ratio of -173.83 and a beta of 2.20. The firm’s 50-day moving average is $22.35 and its two-hundred day moving average is $21.24.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Wednesday, May 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.04). Credo Technology Group had a negative return on equity of 4.87% and a negative net margin of 14.70%. The firm had revenue of $60.78 million for the quarter, compared to analyst estimates of $60.50 million. As a group, analysts forecast that Credo Technology Group Holding Ltd will post 0.07 EPS for the current year.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently modified their holdings of CRDO. Charles Schwab Investment Management Inc. boosted its stake in shares of Credo Technology Group by 20.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 846,359 shares of the company’s stock worth $12,907,000 after purchasing an additional 144,438 shares during the last quarter. Deutsche Bank AG boosted its position in shares of Credo Technology Group by 13.3% in the third quarter. Deutsche Bank AG now owns 51,410 shares of the company’s stock worth $784,000 after acquiring an additional 6,043 shares during the last quarter. Rhumbline Advisers boosted its position in shares of Credo Technology Group by 1.1% in the third quarter. Rhumbline Advisers now owns 130,026 shares of the company’s stock worth $1,983,000 after acquiring an additional 1,397 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Credo Technology Group in the third quarter worth approximately $166,000. Finally, Glenmede Trust Co. NA acquired a new stake in shares of Credo Technology Group in the third quarter worth approximately $215,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Craig Hallum increased their price target on shares of Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a report on Monday, April 15th. TD Cowen upgraded shares of Credo Technology Group from a “hold” rating to a “buy” rating and increased their price target for the company from $24.00 to $35.00 in a report on Tuesday. Barclays increased their price target on shares of Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Needham & Company LLC increased their price target on shares of Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Finally, Bank of America reiterated an “underperform” rating and issued a $22.00 price target (up previously from $21.00) on shares of Credo Technology Group in a report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and a consensus price target of $28.25.

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.