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 dated Tuesday, July 21st. The stock was sold at an average price of $222.34, for a total transaction of $6,114,350.00. Following the completion of the sale, the chief technology officer directly owned 5,827,370 shares of the company's stock, valued at $1,295,657,445.80. The trade was a 0.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed 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 Wednesday, July 8th, Chi Fung Cheng sold 3,790 shares of Credo Technology Group stock. The shares were sold at an average price of $258.71, for a total transaction of $980,510.90.
- On Tuesday, July 7th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $243.06, for a total transaction of $6,684,150.00.
- On Tuesday, June 30th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $269.84, for a total value of $7,420,600.00.
- 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 shares were 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 stock was sold at an average price of $178.99, for a total value of $4,922,225.00.
Credo Technology Group Price Performance
Shares of NASDAQ:CRDO opened at $192.28 on Wednesday. The company has a market capitalization of $35.86 billion, a PE ratio of 77.53, a price-to-earnings-growth ratio of 0.95 and a beta of 3.20. The business has a fifty day moving average price of $236.79 and a two-hundred day moving average price of $170.98. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.14. The company had revenue of $437.00 million for the quarter, compared to analysts' expectations of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The business's revenue for the quarter was up 157.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.20 EPS. Sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.
Hedge Funds Weigh In On Credo Technology Group
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. NewEdge Advisors LLC raised its position in shares of Credo Technology Group by 128.4% in the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company's stock valued at $284,000 after purchasing an additional 3,972 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Credo Technology Group by 63.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company's stock worth $61,235,000 after buying an additional 589,151 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Credo Technology Group by 2.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company's stock valued at $12,480,000 after buying an additional 7,107 shares in the last quarter. CW Advisors LLC purchased a new position in Credo Technology Group in the 2nd quarter valued at approximately $288,000. Finally, EverSource Wealth Advisors LLC raised its holdings in Credo Technology Group by 198.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company's stock valued at $46,000 after acquiring an additional 333 shares during the period. Institutional investors own 80.46% of the company's stock.
Wall Street Analyst Weigh In
Several analysts have commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Credo Technology Group from $230.00 to $250.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 2nd. Bank of America raised their price target on shares of Credo Technology Group from $252.00 to $340.00 and gave the stock a "buy" rating in a research note on Tuesday, June 23rd. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $250.00 price target on shares of Credo Technology Group in a report on Tuesday, June 2nd. Needham & Company LLC upped their price objective on Credo Technology Group from $220.00 to $275.00 and gave the company a "buy" rating in a research note on Monday, June 1st. Finally, Rosenblatt Securities increased their price objective on Credo Technology Group from $175.00 to $215.00 and gave the company a "neutral" rating in a report on Tuesday, June 2nd. Two equities research 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. According to data from MarketBeat, Credo Technology Group has an average rating of "Buy" and an average target price of $266.17.
View Our Latest Stock Report on Credo Technology Group
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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