Key Points
- Chi Fung Cheng (CTO) sold 27,500 shares of CRDO on March 31 at an average price of $91.28 for ~$2.51M, leaving him with 6,189,870 shares; the sale was made under a Rule 10b5-1 plan and represented a 0.44% reduction in his stake.
- He has repeatedly sold similar-sized tranches since January—about 257,500 shares across nine transactions—at progressively lower prices (from roughly $155.47 in January to $91.28 on March 31).
- Credo reported strong quarterly results (EPS $1.07 vs. $0.78 estimate; revenue $407.0M, up 201.5% YoY), and the stock carries an average analyst rating of Buy with an average price target near $206.33.
Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 27,500 shares of the firm's stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $91.28, for a total value of $2,510,200.00. Following the completion of the transaction, the chief technology officer owned 6,189,870 shares in the company, valued at approximately $565,011,333.60. This trade represents a 0.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Chi Fung Cheng also recently made the following trade(s):
- On Tuesday, March 24th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $100.67, for a total value of $2,768,425.00.
- On Tuesday, March 17th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $107.90, for a total value of $2,967,250.00.
- On Wednesday, March 11th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $117.60, for a total value of $3,234,000.00.
- On Thursday, January 29th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $127.37, for a total transaction of $3,502,675.00.
- On Thursday, January 22nd, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The stock was sold at an average price of $136.33, for a total transaction of $4,089,900.00.
- On Thursday, January 15th, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The stock was 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.
Credo Technology Group Trading Up 5.8%
CRDO opened at $101.45 on Friday. The firm's 50 day simple moving average is $113.84 and its two-hundred day simple moving average is $139.48. The company has a market capitalization of $18.71 billion, a PE ratio of 56.36 and a beta of 2.72. 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 issued its quarterly earnings data on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The firm had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. During the same quarter in the previous year, the firm posted $0.25 EPS. The company's revenue for the quarter was up 201.5% compared to the same quarter last year. Equities analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several research analysts have recently commented on CRDO shares. Barclays reaffirmed an "overweight" rating and issued a $260.00 price objective on shares of Credo Technology Group in a research note on Thursday, January 15th. Weiss Ratings reiterated a "hold (c)" rating on shares of Credo Technology Group in a research note on Friday, March 27th. Zacks Research raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, March 3rd. Susquehanna lowered their price target on shares of Credo Technology Group from $230.00 to $170.00 and set a "positive" rating on the stock in a report on Tuesday, March 3rd. Finally, Rosenblatt Securities reiterated a "neutral" rating and issued a $125.00 price target on shares of Credo Technology Group in a research report on Monday, March 23rd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Credo Technology Group presently has an average rating of "Buy" and an average price target of $206.33.
Get Our Latest Analysis on Credo Technology Group
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Atlantic Union Bankshares Corp purchased a new stake in Credo Technology Group during the 3rd quarter valued at approximately $25,000. Crewe Advisors LLC lifted its holdings in shares of Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company's stock worth $25,000 after buying an additional 106 shares in the last quarter. Reflection Asset Management bought a new position in shares of Credo Technology Group during the fourth quarter worth $25,000. Acumen Wealth Advisors LLC bought a new position in shares of Credo Technology Group during the fourth quarter worth $25,000. Finally, First Horizon Corp purchased a new position in Credo Technology Group during the third quarter valued at $26,000. 80.46% of the stock is currently owned by institutional investors.
Credo Technology Group Company Profile
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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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