Key Points
- Credo Technology Group CTO Chi Fung Cheng sold 27,500 shares at an average price of $164.12, generating approximately $4.51 million. The transaction occurred under a pre-arranged Rule 10b5-1 plan, leaving him with 5.55 million shares.
- Cheng has made multiple stock sales in recent months, including several 27,500-share transactions, while Credo shares opened at $165.29—down 4.8%—and remained well below their 52-week high of $308.67.
- Despite the insider selling, Credo reported strong quarterly results, with revenue up 114.7% year over year and EPS exceeding estimates. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $262.67.
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 27th. The shares were sold at an average price of $164.12, for a total transaction of $4,513,300.00. Following the transaction, the chief technology officer directly owned 5,552,397 shares of the company's stock, valued at approximately $911,259,395.64. This trade represents a 0.49% decrease in their position. The sale was disclosed in a document filed with the SEC, 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, October 20th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $172.62, for a total transaction of $4,747,050.00.
- On Tuesday, October 13th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $192.99, for a total transaction of $5,307,225.00.
- On Monday, October 12th, Chi Cheng sold 3,790 shares of Credo Technology Group stock. The stock was sold at an average price of $201.84, for a total transaction of $764,973.60.
- On Tuesday, October 6th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $221.48, for a total transaction of $6,090,700.00.
- 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 transaction 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 transaction 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 transaction 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 transaction 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 transaction of $5,756,417.69.
Credo Technology Group Trading Down 4.8%
Shares of NASDAQ:CRDO opened at $165.29 on Friday. The firm's 50 day moving average is $190.00 and its two-hundred day moving average is $180.87. The firm has a market capitalization of $31.07 billion, a P/E ratio of 58.68, a PEG ratio of 0.69 and a beta of 3.25. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The business had revenue of $479.00 million during the quarter, compared to the consensus estimate of $473.30 million. During the same period in the previous year, the firm posted $0.52 earnings per share. The business's revenue was up 114.7% on a year-over-year basis. Analysts predict that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current year.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in CRDO. Orion Capital Management LLC acquired a new stake in shares of Credo Technology Group in the second quarter valued at $27,000. Hoey Investments Inc. acquired a new position in Credo Technology Group during the third quarter worth about $31,000. Burkett Financial Services LLC bought a new stake in Credo Technology Group in the third quarter worth about $33,000. Thurston Springer Miller Herd & Titak Inc. raised its position in Credo Technology Group by 4,900.0% in the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 200 shares of the company's stock worth $39,000 after acquiring an additional 196 shares in the last quarter. Finally, Alpine Bank Wealth Management bought a new stake in Credo Technology Group in the third quarter worth about $40,000. Institutional investors and hedge funds own 80.46% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages have issued reports on CRDO. Wall Street Zen lowered Credo Technology Group from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Stifel Nicolaus decreased their price target on Credo Technology Group from $350.00 to $310.00 and set a "buy" rating for the company in a research note on Monday, October 5th. JPMorgan Chase & Co. lowered their price target on Credo Technology Group from $335.00 to $310.00 and set an "overweight" rating on the stock in a report on Wednesday, September 2nd. TD Cowen lifted their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the company a "buy" rating in a research note on Tuesday, August 18th. Finally, Evercore set a $292.00 price objective on shares of Credo Technology Group in a report on Wednesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $262.67.
Get Our Latest Report on CRDO
Credo Technology Group Company Profile
(
Get Free Report)
Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.
The company's portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.
Read More
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].
