Key Points
- Chi Fung Cheng, Credo’s CTO, sold 55,000 shares on Dec. 22 at $150.77 for $8.29M, leaving him with 6,503,961 shares (a 0.84% ownership decline).
- The Dec. 22 sale is one of several identical 55,000‑share disposals since September, indicating a pattern of ongoing insider selling.
- Credo posted a blowout quarter with revenue of $268.03M (up 272% YoY) and EPS $0.67 beating estimates, while analysts are largely bullish — consensus "Buy" with an average target of $206.85 and a market cap of about $26.7B.
Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $150.77, for a total transaction of $8,292,350.00. Following the sale, the chief technology officer owned 6,503,961 shares of the company's stock, valued at $980,602,199.97. The trade was a 0.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.
Chi Fung Cheng also recently made the following trade(s):
- On Monday, December 15th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $143.94, for a total value of $7,916,700.00.
- 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 value of $9,608,500.00.
- On Monday, October 27th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $156.32, for a total value of $8,597,600.00.
- On Monday, October 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $150.34, for a total value 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.
Credo Technology Group Trading Down 1.4%
CRDO stock opened at $147.81 on Wednesday. Credo Technology Group Holding Ltd. has a one year low of $29.09 and a one year high of $213.80. The firm has a 50-day moving average of $156.72 and a two-hundred day moving average of $131.34. The firm has a market capitalization of $26.70 billion, a PE ratio of 129.66 and a beta of 2.63.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly 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. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The business had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. During the same quarter in the previous year, the business earned $0.07 earnings per share. The firm's revenue was up 272.1% compared to the same quarter last year. On average, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.
Wall Street Analysts Forecast Growth
CRDO has been the topic of a number of research analyst reports. KGI Securities upgraded Credo Technology Group from a "hold" rating to an "outperform" rating and set a $230.00 price target on the stock in a report on Tuesday, December 2nd. Wall Street Zen upgraded Credo Technology Group from a "hold" rating to a "buy" rating in a research report on Sunday, September 28th. Zacks Research upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Thursday, December 4th. Roth Capital increased their price target on shares of Credo Technology Group from $170.00 to $250.00 and gave the stock a "buy" rating in a research report on Tuesday, December 2nd. Finally, Mizuho boosted their price objective on shares of Credo Technology Group from $165.00 to $225.00 and gave the company an "outperform" rating in a research 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 company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $206.85.
View Our Latest Analysis on CRDO
Hedge Funds Weigh In On Credo Technology Group
A number of hedge funds have recently added to or reduced their stakes in CRDO. Vanguard Group Inc. lifted its stake in Credo Technology Group by 0.9% in the third quarter. Vanguard Group Inc. now owns 16,525,380 shares of the company's stock valued at $2,406,261,000 after acquiring an additional 150,012 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Credo Technology Group by 18.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company's stock worth $1,121,118,000 after purchasing an additional 1,190,522 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Credo Technology Group by 4.7% during the 2nd quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company's stock valued at $334,740,000 after purchasing an additional 163,305 shares in the last quarter. Swedbank AB lifted its stake in shares of Credo Technology Group by 29.5% in the 1st quarter. Swedbank AB now owns 3,219,125 shares of the company's stock valued at $129,280,000 after purchasing an additional 733,811 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock worth $283,778,000 after purchasing an additional 1,218,504 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.
About Credo Technology Group
(
Get Free Report)
Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.
Credo's product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.
Further Reading
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
