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 on Friday, November 8th. The shares were sold at an average price of $47.37, for a total transaction of $2,605,350.00. Following the completion of the sale, the chief technology officer now owns 8,728,602 shares of the company’s stock, valued at approximately $413,473,876.74. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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 transaction of $2,158,200.00.
• On Friday, October 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was 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 shares were 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 shares were 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 stock was 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 shares were sold at an average price of $32.06, for a total transaction of $1,763,300.00.
• On Monday, August 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $31.08, for a total transaction of $1,709,400.00.

Credo Technology Group Stock Performance

CRDO opened at $45.87 on Thursday. Credo Technology Group Holding Ltd has a one year low of $16.33 and a one year high of $48.94. The company has a market cap of $7.62 billion, a price-to-earnings ratio of -286.69 and a beta of 2.19. The business’s fifty day moving average is $35.00 and its two-hundred day moving average is $29.80.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. On average, analysts predict that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently issued reports on CRDO. The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Stifel Nicolaus raised their price target on Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Craig Hallum upped their price objective on Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Barclays increased their price objective on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Finally, Mizuho boosted their target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $36.56.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Allworth Financial LP lifted its stake in Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after buying an additional 771 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new stake in shares of Credo Technology Group in the second quarter valued at $29,000. Rakuten Securities Inc. acquired a new stake in shares of Credo Technology Group during the third quarter valued at $30,000. Fifth Third Bancorp increased its position in Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after purchasing an additional 400 shares in the last quarter. Finally, Brown Brothers Harriman & Co. raised its stake in Credo Technology Group by 695.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after purchasing an additional 1,001 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

About Credo Technology Group

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.