Key Points
- Credo Technology Group CTO Chi Cheng sold 27,500 shares at an average price of $221.48, generating $6.09 million. The sale occurred under a Rule 10b5-1 plan to cover tax withholding tied to vested equity awards, and Cheng retained 5.63 million shares.
- The transaction was part of a series of insider sales, with Cheng selling additional shares between July and late September at prices ranging from $166.38 to $209.53.
- Credo reported quarterly revenue of $479 million and EPS of $1.20, exceeding analyst estimates, while revenue surged 114.7% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $262.67, versus a recent share price near $220.
Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CTO Chi Cheng sold 27,500 shares of the business's stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $221.48, for a total transaction of $6,090,700.00. Following the completion of the transaction, the chief technology officer owned 5,634,897 shares in the company, valued at $1,248,016,987.56. This represents a 0.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Chi Fung Cheng also recently made the following trade(s):
- On Tuesday, September 29th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $193.93, for a total value of $5,333,075.00.
- On Wednesday, September 23rd, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $193.12, for a total value of $5,310,800.00.
- On Thursday, September 17th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $166.38, for a total value of $4,575,450.00.
- On Friday, September 4th, Chi Cheng sold 3,790 shares of Credo Technology Group stock. The stock was sold at an average price of $170.00, for a total value of $644,300.00.
- On Friday, July 31st, Chi Cheng sold 27,473 shares of Credo Technology Group stock. The shares were sold at an average price of $209.53, for a total value of $5,756,417.69.
- On Monday, July 27th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $205.54, for a total value of $5,652,350.00.
- On Tuesday, July 21st, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $222.34, for a total transaction of $6,114,350.00.
Credo Technology Group Trading Down 0.4%
Shares of NASDAQ:CRDO opened at $220.01 on Thursday. The firm has a market cap of $41.35 billion, a PE ratio of 78.30, a price-to-earnings-growth ratio of 0.88 and a beta of 3.25. The company has a fifty day simple moving average of $208.72 and a 200 day simple moving average of $200.98. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, beating analysts' consensus estimates of $1.17 by $0.03. The firm had revenue of $479.00 million for the quarter, compared to the consensus estimate of $473.30 million. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The firm's revenue was up 114.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.52 EPS. As a group, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.
Hedge Funds Weigh In On Credo Technology Group
Several hedge funds and other institutional investors have recently modified their holdings of the company. Elevation Wealth Partners LLC grew its position in shares of Credo Technology Group by 292.9% during the third quarter. Elevation Wealth Partners LLC now owns 275 shares of the company's stock worth $54,000 after acquiring an additional 205 shares during the last quarter. Polaris Financial Partners acquired a new position in Credo Technology Group during the 3rd quarter valued at about $681,000. GoalVest Advisory LLC boosted its stake in Credo Technology Group by 49,226.5% during the 3rd quarter. GoalVest Advisory LLC now owns 24,170 shares of the company's stock valued at $4,708,000 after purchasing an additional 24,121 shares during the period. Burkett Financial Services LLC bought a new position in Credo Technology Group in the 3rd quarter worth about $33,000. Finally, QRG Capital Management Inc. grew its position in Credo Technology Group by 20.8% in the 2nd quarter. QRG Capital Management Inc. now owns 6,527 shares of the company's stock worth $1,774,000 after purchasing an additional 1,125 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.
Analyst Ratings Changes
A number of equities analysts recently commented on the company. JPMorgan Chase & Co. decreased their price target on Credo Technology Group from $335.00 to $310.00 and set an "overweight" rating for the company in a research note on Wednesday, September 2nd. Stifel Nicolaus decreased their target price on Credo Technology Group from $350.00 to $310.00 and set a "buy" rating for the company in a research report on Monday. Evercore set a $292.00 price target on Credo Technology Group in a report on Wednesday, September 2nd. Susquehanna upped their price target on Credo Technology Group from $235.00 to $250.00 and gave the company a "positive" rating in a research report on Tuesday, July 21st. Finally, Mizuho reduced their price objective on Credo Technology Group from $290.00 to $245.00 and set an "outperform" rating on the stock in a research note on Monday, September 21st. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $262.67.
Check Out Our Latest Research Report on CRDO
About Credo Technology Group
(
Get Free Report)
Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for data infrastructure. Its technologies are designed to improve the performance, power efficiency and reliability of connections used in cloud computing, artificial intelligence, high-performance computing, telecommunications and enterprise networks.
The company's product portfolio includes serializer/deserializer (SerDes) intellectual property, integrated circuits, active electrical cables and optical connectivity products.
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