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SAN JOSE, Calif.—Cheng Chi Fung, Chief Technology Officer of Credo Technology Group Holding Ltd (NASDAQ:CRDO), recently sold ordinary shares valued at approximately $2.74 million, according to a filing with the Securities and Exchange Commission. The transactions took place on March 24 and involved sales executed at prices ranging from $48.59 to $50.30 per share. The stock, which has delivered an impressive 127% return over the past year and currently commands a market capitalization of $8.35 billion, appears overvalued according to InvestingPro Fair Value calculations.
The shares were sold under a Rule 10b5-1 trading plan adopted by the Cheng Huang Family Trust, of which Cheng Chi Fung and his spouse are trustees. Post-transaction, Cheng Chi Fung retains ownership of 8,048,602 shares through the trust. The company maintains strong gross margins of 64% and has received a GOOD overall financial health rating. Discover more insights about CRDO’s valuation and growth prospects with InvestingPro, which offers 20+ additional premium insights and a comprehensive Pro Research Report.
In other recent news, Credo Technology Group Holding Ltd reported robust financial results for the third quarter of fiscal year 2025, exceeding market expectations. The company posted an earnings per share (EPS) of $0.25, surpassing the forecast of $0.18, and revenue reached $135 million, outperforming the anticipated $120.29 million. Stifel analysts maintained a Buy rating for Credo Technology, with a price target of $85.00, noting the company’s ability to manage high-volume orders and maintain a robust supply chain. The firm’s confidence is further bolstered by Credo’s raised outlook for the April quarter, projecting a revenue midpoint of $160 million, indicating an 18.5% sequential growth.
In other developments, Credo Technology announced significant changes to its board of directors, including the appointment of William J. Brennan as the new chairman. The company elected Fariba Danesh as a Class II director, and Sylvia Acevedo was named the lead independent director. These board changes are part of Credo’s strategy to strengthen its leadership as it navigates the competitive semiconductor landscape.
Cantor Fitzgerald continues to express a positive outlook on semiconductor stocks, including Credo Technology, highlighting the sector’s performance. The firm noted that the Semiconductor Index performed better than the broader market recently. Looking forward, Stifel anticipates that Credo is on track to achieve more than 50% year-over-year revenue growth in fiscal year 2026, following an expected 121% increase in fiscal year 2025.
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