Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells $1,709,400.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $31.08, for a total value of $1,709,400.00. Following the transaction, the chief technology officer now directly owns 9,168,602 shares in the company, valued at $284,960,150.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• 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 shares were 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.
• On Thursday, July 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $30.63, for a total transaction of $1,684,650.00.
• On Friday, June 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $27.49, for a total value of $1,511,950.00.
• On Thursday, June 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $28.99, for a total transaction of $1,594,450.00.

Credo Technology Group Stock Up 4.5 %

Credo Technology Group stock traded up $1.37 during mid-day trading on Monday, reaching $31.79. The company had a trading volume of 1,585,528 shares, compared to its average volume of 2,100,243. The firm has a market cap of $5.25 billion, a price-to-earnings ratio of -173.94 and a beta of 2.23. The company has a 50 day moving average of $29.21 and a 200-day moving average of $23.73. Credo Technology Group Holding Ltd has a 52 week low of $13.38 and a 52 week high of $33.96.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Wednesday, May 29th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.04). Credo Technology Group had a negative net margin of 14.70% and a negative return on equity of 4.51%. The company had revenue of $60.78 million during the quarter, compared to the consensus estimate of $60.50 million. On average, analysts predict that Credo Technology Group Holding Ltd will post 0.07 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Needham & Company LLC upped their price objective on shares of Credo Technology Group from $26.00 to $29.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Barclays boosted their target price on Credo Technology Group from $23.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. TD Cowen boosted their price objective on shares of Credo Technology Group from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Bank of America reiterated an “underperform” rating and issued a $22.00 target price (up from $21.00) on shares of Credo Technology Group in a research note on Thursday, May 30th. Finally, Stifel Nicolaus boosted their target price on shares of Credo Technology Group from $30.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. One analyst has rated the stock with a sell rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus price target of $30.38.

Institutional Trading of Credo Technology Group

Institutional investors have recently modified their holdings of the company. Strs Ohio raised its stake in shares of Credo Technology Group by 12.7% in the fourth quarter. Strs Ohio now owns 26,700 shares of the company’s stock valued at $519,000 after purchasing an additional 3,000 shares in the last quarter. Calamos Advisors LLC increased its holdings in Credo Technology Group by 77.2% in the 4th quarter. Calamos Advisors LLC now owns 199,927 shares of the company’s stock valued at $3,893,000 after buying an additional 87,123 shares during the period. Handelsbanken Fonder AB acquired a new position in shares of Credo Technology Group in the 4th quarter valued at $339,000. Jennison Associates LLC bought a new position in shares of Credo Technology Group during the 4th quarter worth about $45,362,000. Finally, New York State Common Retirement Fund boosted its position in shares of Credo Technology Group by 20.9% during the 4th quarter. New York State Common Retirement Fund now owns 77,611 shares of the company’s stock valued at $1,511,000 after acquiring an additional 13,408 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.