Key Points
- CTO Chi Fung Cheng sold 55,000 shares of Credo (NASDAQ:CRDO) on December 15 at an average price of $143.94 for about $7.92 million, a transaction disclosed in an SEC filing that left him with 6,558,961 shares (a 0.83% reduction).
- This transaction is part of a pattern of insider selling—the Dec. 15 sale is one of at least eight 55,000-share dispositions by Cheng between Sept. 22 and Dec. 15, representing sizable cashings‑out over the period.
- Despite the insider selling, Credo reported a blowout quarter (EPS $0.67 vs. $0.49 est.; revenue $268.0M, up 272% YoY), and analysts have lifted targets and ratings, leaving a consensus price target around $206.85 with mostly "Buy" recommendations.
Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $143.94, for a total transaction of $7,916,700.00. Following the sale, the chief technology officer owned 6,558,961 shares in the company, valued at approximately $944,096,846.34. The trade was a 0.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Chi Fung Cheng also recently made the following trade(s):
- On Monday, December 8th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $174.70, for a total transaction of $9,608,500.00.
- 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 stock was sold at an average price of $148.35, for a total value of $8,159,250.00.
- On Monday, September 29th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $148.87, for a total value 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.
Credo Technology Group Price Performance
NASDAQ:CRDO opened at $134.13 on Thursday. The company has a market cap of $24.23 billion, a price-to-earnings ratio of 117.66 and a beta of 2.63. Credo Technology Group Holding Ltd. has a 1 year low of $29.09 and a 1 year high of $213.80. The stock's 50 day simple moving average is $156.39 and its two-hundred day simple moving average is $128.82.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The firm had revenue of $268.03 million during the quarter, compared to analyst estimates of $234.99 million. During the same period last year, the firm posted $0.07 earnings per share. Credo Technology Group's revenue for the quarter was up 272.1% compared to the same quarter last year. As a group, analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.
Wall Street Analyst Weigh In
CRDO has been the topic of a number of research reports. Roth Capital boosted their target price on shares of Credo Technology Group from $170.00 to $250.00 and gave the stock a "buy" rating in a report on Tuesday, December 2nd. JPMorgan Chase & Co. started coverage on Credo Technology Group in a research report on Friday, October 17th. They issued an "overweight" rating and a $165.00 price target for the company. TD Cowen upped their price objective on Credo Technology Group from $190.00 to $240.00 and gave the company a "buy" rating in a research report on Tuesday, December 2nd. Weiss Ratings reiterated a "hold (c+)" rating on shares of Credo Technology Group in a report on Monday. Finally, Wolfe Research set a $240.00 target price on Credo Technology Group in a research report on Tuesday, December 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $206.85.
Get Our Latest Analysis on CRDO
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the business. HighTower Advisors LLC purchased a new stake in shares of Credo Technology Group in the first quarter worth approximately $244,000. Russell Investments Group Ltd. grew its position in Credo Technology Group by 19.2% in the 1st quarter. Russell Investments Group Ltd. now owns 53,581 shares of the company's stock valued at $2,152,000 after acquiring an additional 8,649 shares during the last quarter. Versor Investments LP increased its stake in Credo Technology Group by 519.5% in the first quarter. Versor Investments LP now owns 19,125 shares of the company's stock worth $768,000 after purchasing an additional 16,038 shares during the period. Quantbot Technologies LP lifted its position in shares of Credo Technology Group by 74.6% during the first quarter. Quantbot Technologies LP now owns 152,715 shares of the company's stock worth $6,133,000 after purchasing an additional 65,263 shares during the last quarter. Finally, Candriam S.C.A. purchased a new stake in shares of Credo Technology Group during the first quarter valued at $29,258,000. Institutional investors own 80.46% of the company's stock.
Credo Technology Group Company Profile
(
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.
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