Key Points
- CTO Chi Fung Cheng sold 55,000 shares of CRDO on December 8 at an average price of $174.70 for about $9.61 million, leaving him with 6,613,961 shares (a 0.82% reduction) valued at roughly $1.155 billion.
- The December sale continues a pattern of repeated insider disposals of 55,000 shares each across September–October–December, representing multiple transactions totaling tens of millions of dollars.
- Credo reported a strong quarter (EPS $0.67 vs. $0.49 expected; revenue $268M vs. $235M expected), and several analysts raised ratings and price targets, leaving a consensus "Buy" with an average target of about $206.85.
Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $174.70, for a total value of $9,608,500.00. Following the sale, the chief technology officer directly owned 6,613,961 shares of the company's stock, valued at $1,155,458,986.70. The trade was a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Chi Fung Cheng also recently made the following trade(s):
- On Monday, October 27th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $156.32, for a total transaction of $8,597,600.00.
- On Monday, October 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $150.34, for a total transaction of $8,268,700.00.
- On Monday, October 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $148.08, for a total value of $8,144,400.00.
- On Monday, October 6th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $148.35, for a total transaction of $8,159,250.00.
- On Monday, September 29th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $148.87, for a total transaction of $8,187,850.00.
- On Monday, September 22nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $164.98, for a total value of $9,073,900.00.
- On Monday, September 15th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $163.98, for a total transaction of $9,018,900.00.
Credo Technology Group Stock Performance
Shares of NASDAQ:CRDO opened at $157.98 on Thursday. Credo Technology Group Holding Ltd. has a one year low of $29.09 and a one year high of $213.80. The stock has a market cap of $28.54 billion, a PE ratio of 138.58 and a beta of 2.63. The business's fifty day moving average price is $156.63 and its two-hundred day moving average price is $126.01.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.49 by $0.18. The company had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The firm's quarterly revenue was up 272.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.07 EPS. As a group, equities research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Credo Technology Group
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Atlantic Union Bankshares Corp acquired a new stake in shares of Credo Technology Group during the third quarter valued at about $25,000. First Horizon Corp bought a new position in Credo Technology Group during the third quarter worth $26,000. Smartleaf Asset Management LLC boosted its holdings in Credo Technology Group by 133.6% in the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company's stock worth $38,000 after purchasing an additional 147 shares during the period. Park Place Capital Corp bought a new stake in Credo Technology Group during the third quarter valued at $41,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in shares of Credo Technology Group during the second quarter worth $27,000. Hedge funds and other institutional investors own 80.46% of the company's stock.
Analyst Upgrades and Downgrades
Several equities analysts recently commented on CRDO shares. Zacks Research upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Thursday, December 4th. KGI Securities raised shares of Credo Technology Group from a "hold" rating to an "outperform" rating and set a $230.00 price target on the stock in a research note on Tuesday, December 2nd. Barclays raised their price objective on Credo Technology Group from $165.00 to $220.00 and gave the stock an "overweight" rating in a report on Tuesday, December 2nd. New Street Research set a $240.00 target price on Credo Technology Group in a report on Tuesday, December 2nd. Finally, Bank of America raised their price target on shares of Credo Technology Group from $165.00 to $240.00 and gave the company a "buy" rating in a report on Tuesday, December 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $206.85.
View Our Latest Analysis on Credo Technology Group
About Credo Technology Group
(
Get Free Report)
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.
Further Reading
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