Chi Fung Cheng Sells 55,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDOGet Free Report) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $21.93, for a total value of $1,206,150.00. Following the completion of the transaction, the chief technology officer now directly owns 9,993,602 shares of the company’s stock, valued at approximately $219,159,691.86. The sale was disclosed in a filing with the SEC, which is accessible through this link.

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

  • 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 shares were 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 shares were sold at an average price of $21.62, for a total value of $1,297,200.00.
  • On Friday, January 12th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $19.20, for a total value of $1,152,000.00.
  • On Tuesday, January 2nd, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $18.51, for a total value of $1,110,600.00.

Credo Technology Group Price Performance

CRDO stock opened at $21.66 on Wednesday. The company has a market cap of $3.54 billion, a P/E ratio of -94.17 and a beta of 2.00. The stock’s fifty day moving average price is $21.38 and its 200-day moving average price is $18.52. Credo Technology Group Holding Ltd has a 1 year low of $7.20 and a 1 year high of $23.90.

Credo Technology Group (NASDAQ:CRDOGet Free Report) last released its earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.01. The company had revenue of $53.06 million for 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% compared to the same quarter last year. During the same period in the previous year, the business earned $0.02 earnings per share. As a group, analysts expect that Credo Technology Group Holding Ltd will post -0.12 earnings per share for the current year.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently added to or reduced their stakes in the stock. Verition Fund Management LLC increased its stake in Credo Technology Group by 6.5% during the fourth quarter. Verition Fund Management LLC now owns 13,680 shares of the company’s stock worth $182,000 after acquiring an additional 836 shares during the last quarter. ProShare Advisors LLC increased its stake in Credo Technology Group by 10.4% during the second quarter. ProShare Advisors LLC now owns 12,696 shares of the company’s stock worth $220,000 after acquiring an additional 1,197 shares during the last quarter. Assetmark Inc. increased its stake in Credo Technology Group by 30.1% during the fourth quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock worth $106,000 after acquiring an additional 1,263 shares during the last quarter. Advisors Asset Management Inc. increased its stake in Credo Technology Group by 295.9% during the third quarter. Advisors Asset Management Inc. now owns 1,841 shares of the company’s stock worth $28,000 after acquiring an additional 1,376 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in shares of Credo Technology Group by 1.1% during the third quarter. Rhumbline Advisers now owns 130,026 shares of the company’s stock valued at $1,983,000 after buying an additional 1,397 shares during the period. 80.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on CRDO shares. Needham & Company LLC lifted their target price on Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, February 28th. Mizuho reissued a “buy” rating and issued a $30.00 target price (up previously from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. The Goldman Sachs Group lifted their target price on Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, February 28th. TheStreet raised Credo Technology Group from a “d+” rating to a “c-” rating in a report on Wednesday, November 29th. Finally, TD Cowen raised their price target 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 research 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. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $23.00.

Check Out Our Latest Report on CRDO

Credo Technology Group Company Profile

(Get Free Report)

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.

See Also

Insider Buying and Selling by Quarter for Credo Technology Group (NASDAQ:CRDO)

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