Key Points
- Chi Fung Cheng, Credo's CTO, sold 30,000 shares on Jan. 22 at an average price of $136.33 for $4,089,900, leaving him with 6,327,370 shares — a 0.47% reduction in his position.
- The Jan. 22 sale is one of several recent large disposals by Cheng (multiple 30,000‑share and 55,000‑share sales in Dec–Jan), each worth millions, signaling continued insider selling activity.
- Credo's stock has pulled back (down ~3.9%, opened $128.02) despite a strong quarter — $0.67 EPS vs. $0.49 estimate and revenue up 272% YoY — and analysts hold an average "Buy" rating with a $216.54 price target.
Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 30,000 shares of the firm's stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $136.33, for a total transaction of $4,089,900.00. Following the completion of the transaction, the chief technology officer directly owned 6,327,370 shares in the company, valued at $862,610,352.10. This trade represents a 0.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.
Chi Fung Cheng also recently made the following trade(s):
- On Thursday, January 15th, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The shares were sold at an average price of $155.47, for a total transaction of $4,664,100.00.
- On Thursday, January 8th, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The shares were sold at an average price of $139.93, for a total transaction of $4,197,900.00.
- On Friday, January 2nd, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The shares were sold at an average price of $143.61, for a total transaction of $4,308,300.00.
- On Monday, December 29th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $143.41, for a total value of $7,887,550.00.
- On Monday, December 22nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $150.77, for a total value of $8,292,350.00.
- 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.
Credo Technology Group Trading Down 3.9%
Credo Technology Group stock opened at $128.02 on Tuesday. The firm has a market capitalization of $23.12 billion, a P/E ratio of 112.30 and a beta of 2.66. The business has a 50-day moving average of $151.21 and a 200-day moving average of $141.32. Credo Technology Group Holding Ltd. has a 1 year low of $29.09 and a 1 year high of $213.80.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate 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 last year, the firm earned $0.07 EPS. Credo Technology Group's quarterly revenue was up 272.1% compared to the same quarter last year. Research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several brokerages recently commented on CRDO. Stifel Nicolaus set a $160.00 price objective on Credo Technology Group in a research note on Wednesday, October 1st. JPMorgan Chase & Co. started coverage on Credo Technology Group in a report on Friday, October 17th. They set an "overweight" rating and a $165.00 price objective on the stock. Barclays reissued an "overweight" rating and set a $260.00 target price on shares of Credo Technology Group in a research note on Thursday, January 15th. Susquehanna raised their price objective on shares of Credo Technology Group from $165.00 to $175.00 and gave the stock a "positive" rating in a report on Wednesday, October 22nd. Finally, Mizuho upped their target price on shares of Credo Technology Group from $165.00 to $225.00 and gave the stock an "outperform" rating in a research note on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $216.54.
Read Our Latest Stock Report on CRDO
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Credo Technology Group by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 16,525,380 shares of the company's stock valued at $2,406,261,000 after buying an additional 150,012 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Credo Technology Group by 18.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company's stock valued at $1,121,118,000 after acquiring an additional 1,190,522 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Credo Technology Group by 4.7% in the second quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company's stock valued at $334,740,000 after acquiring an additional 163,305 shares during the last quarter. Alliancebernstein L.P. raised its holdings in Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock worth $283,778,000 after acquiring an additional 1,218,504 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company's stock valued at $331,710,000 after purchasing an additional 1,406,752 shares during 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.
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