Key Points
- Credo Technology CTO Chi Fung Cheng sold 27,500 shares on June 30 at an average price of $269.84, totaling about $7.42 million. The sale was executed under a pre-arranged Rule 10b5-1 trading plan.
- Cheng has been a consistent seller recently, with multiple 27,500-share sales throughout June and April as Credo’s stock price rose sharply. Despite the sale, he still owns 5.91 million shares valued at about $1.59 billion.
- Credo reported strong quarterly results, beating earnings and revenue estimates with EPS of $1.16 and revenue of $437 million, up 157% year over year. Analysts remain generally bullish, with an average Buy rating and a consensus price target of $263.11.
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 that occurred on Tuesday, June 30th. The shares were sold at an average price of $269.84, for a total transaction of $7,420,600.00. Following the completion of the sale, the chief technology officer owned 5,909,870 shares in the company, valued at $1,594,719,320.80. The trade was a 0.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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, June 23rd, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $270.94, for a total value of $7,450,850.00.
- On Tuesday, June 16th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $246.69, for a total value of $6,783,975.00.
- On Thursday, June 11th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $259.53, for a total value of $7,137,075.00.
- On Friday, May 1st, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $178.99, for a total value of $4,922,225.00.
- 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 stock was 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 transaction of $3,251,875.00.
- On Monday, April 6th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $103.19, for a total transaction of $2,837,725.00.
- On Sunday, April 5th, Chi Fung Cheng sold 2,434 shares of Credo Technology Group stock. The stock was sold at an average price of $101.45, for a total transaction of $246,929.30.
Credo Technology Group Trading Down 6.6%
Credo Technology Group stock opened at $241.91 on Friday. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67. The stock has a market cap of $45.11 billion, a price-to-earnings ratio of 97.54, a PEG ratio of 1.18 and a beta of 3.20. The company's 50-day moving average price is $219.87 and its two-hundred day moving average price is $159.87.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping analysts' consensus estimates of $1.02 by $0.14. The company had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The business's revenue for the quarter was up 157.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.20 EPS. Research analysts expect that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.
Institutional Trading of Credo Technology Group
Hedge funds have recently bought and sold shares of the company. Crewe Advisors LLC raised its holdings in shares of Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company's stock valued at $25,000 after acquiring an additional 106 shares during the period. Reflection Asset Management acquired a new position in Credo Technology Group in the 4th quarter worth approximately $25,000. Acumen Wealth Advisors LLC acquired a new position in Credo Technology Group in the 4th quarter worth approximately $25,000. Flagship Harbor Advisors LLC acquired a new position in Credo Technology Group in the 4th quarter worth approximately $32,000. Finally, Smallwood Wealth Investment Management LLC purchased a new position in Credo Technology Group during the 4th quarter worth approximately $36,000. 80.46% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on the company. The Goldman Sachs Group reaffirmed a "buy" rating and set a $250.00 price target on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Evercore started coverage on Credo Technology Group in a research note on Monday, June 22nd. They issued an "outperform" rating and a $325.00 price objective on the stock. Weiss Ratings upgraded Credo Technology Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, May 26th. Rothschild & Co Redburn began coverage on Credo Technology Group in a research note on Friday, May 1st. They set a "buy" rating and a $206.00 target price for the company. Finally, Mizuho lifted their target price on Credo Technology Group from $260.00 to $290.00 and gave the stock an "outperform" rating in a report on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $263.11.
View Our Latest Stock Analysis on CRDO
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.
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