Key Points
- Chi Fung Cheng, Credo's CTO, sold 27,500 shares on May 1 at an average price of $178.99 for about $4.92M under a pre‑arranged Rule 10b5‑1 plan and still owns 6,024,870 shares valued at roughly $1.078B (a 0.45% position decrease).
- Since March 11 he has executed ten additional 27,500‑share sales plus one 2,434‑share sale, totaling about 277,434 shares and approximately $37.2M in proceeds across the disclosed transactions.
- Credo recently beat estimates with Q earnings of $1.07 vs. $0.78 and revenue of $407M (up 201.5% YoY); analysts rate the stock a "Moderate Buy" on average with a $207.71 target while the share price sits near its 52‑week high.
Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 27,500 shares of the company's stock in a transaction on Friday, May 1st. The stock was sold at an average price of $178.99, for a total value of $4,922,225.00. Following the transaction, the chief technology officer directly owned 6,024,870 shares in the company, valued at $1,078,391,481.30. This represents a 0.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Chi Fung Cheng also recently made the following trade(s):
- On Monday, April 27th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $179.33, for a total value of $4,931,575.00.
- On Wednesday, April 22nd, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $188.02, for a total value of $5,170,550.00.
- On Thursday, April 16th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $157.58, for a total value of $4,333,450.00.
- On Friday, April 10th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $118.25, for a total value of $3,251,875.00.
- On Monday, April 6th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $103.19, for a total value of $2,837,725.00.
- On Sunday, April 5th, Chi Fung Cheng sold 2,434 shares of Credo Technology Group stock. The shares were sold at an average price of $101.45, for a total value of $246,929.30.
- On Tuesday, March 31st, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $91.28, for a total value of $2,510,200.00.
- 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 shares were 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.
Credo Technology Group Stock Performance
Credo Technology Group stock opened at $193.57 on Wednesday. The firm has a market capitalization of $35.70 billion, a price-to-earnings ratio of 107.54 and a beta of 3.17. Credo Technology Group Holding Ltd. has a fifty-two week low of $45.65 and a fifty-two week high of $213.80. The stock's fifty day moving average is $127.37 and its two-hundred day moving average is $139.93.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.29. The company had revenue of $407.01 million for the quarter, compared to analyst estimates of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.Credo Technology Group's revenue was up 201.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.25 earnings per share. As a group, sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current fiscal year.
Hedge Funds Weigh In On Credo Technology Group
Large investors have recently added to or reduced their stakes in the business. Atlantic Union Bankshares Corp purchased a new position in Credo Technology Group during the third quarter worth about $25,000. Crewe Advisors LLC lifted its position in Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company's stock worth $25,000 after buying an additional 106 shares during the period. Reflection Asset Management purchased a new position in Credo Technology Group during the fourth quarter worth about $25,000. Acumen Wealth Advisors LLC purchased a new position in Credo Technology Group during the fourth quarter worth about $25,000. Finally, First Horizon Corp purchased a new position in Credo Technology Group during the third quarter worth about $26,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of analysts recently commented on the company. Stifel Nicolaus set a $200.00 price objective on Credo Technology Group in a research note on Tuesday, March 3rd. Rothschild & Co Redburn assumed coverage on Credo Technology Group in a research note on Friday. They set a "buy" rating and a $206.00 price objective on the stock. Susquehanna decreased their price objective on Credo Technology Group from $230.00 to $170.00 and set a "positive" rating on the stock in a research note on Tuesday, March 3rd. Weiss Ratings lowered Credo Technology Group from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, April 24th. Finally, Rosenblatt Securities increased their price objective on Credo Technology Group from $125.00 to $175.00 and gave the company a "neutral" rating in a research note on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $207.71.
Check Out Our Latest Analysis on Credo Technology Group
Credo Technology Group Company Profile
(
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.
Recommended Stories
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].
