Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Sells $6,952,000.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $69.52, for a total transaction of $6,952,000.00. Following the completion of the transaction, the chief operating officer now directly owns 300,000 shares of the company’s stock, valued at approximately $20,856,000. This represents a 25.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Yat Tung Lam also recently made the following trade(s):

• On Friday, December 20th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $68.03, for a total transaction of $6,803,000.00.
• On Friday, October 11th, Yat Tung Lam sold 10,000 shares of Credo Technology Group stock. The shares were sold at an average price of $38.41, for a total value of $384,100.00.

Credo Technology Group Stock Performance

CRDO opened at $70.93 on Friday. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $78.97. The firm has a market cap of $11.86 billion, a PE ratio of -472.87 and a beta of 2.26. The firm’s fifty day moving average is $55.81 and its two-hundred day moving average is $39.60.

Analysts Set New Price Targets

CRDO has been the subject of a number of recent research reports. Stifel Nicolaus restated a “buy” rating and set a $75.00 target price (up previously from $50.00) on shares of Credo Technology Group in a research report on Tuesday, December 3rd. Mizuho boosted their price objective on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. The Goldman Sachs Group raised their target price on shares of Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. TD Cowen boosted their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Finally, Susquehanna initiated coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $68.60.

Institutional Trading of Credo Technology Group

Several hedge funds have recently added to or reduced their stakes in CRDO. Allworth Financial LP increased its holdings in shares of Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after acquiring an additional 771 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new position in shares of Credo Technology Group in the 2nd quarter valued at approximately $29,000. Rakuten Securities Inc. bought a new stake in Credo Technology Group during the 3rd quarter worth approximately $30,000. Brown Brothers Harriman & Co. raised its holdings in Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after buying an additional 1,001 shares during the period. Finally, Cranbrook Wealth Management LLC bought a new position in Credo Technology Group in the second quarter valued at approximately $51,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.