Yat Tung Lam Sells 100,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) 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 Friday, January 10th. The stock was sold at an average price of $73.26, for a total transaction of $7,326,000.00. Following the completion of the sale, the chief operating officer now directly owns 200,000 shares of the company’s stock, valued at $14,652,000. The trade was a 33.33 % decrease in their position. The transaction 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 Monday, December 30th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $69.52, for a total transaction of $6,952,000.00.
• On Friday, December 20th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $68.03, for a total transaction of $6,803,000.00.

Credo Technology Group Trading Up 0.5 %

Shares of NASDAQ:CRDO traded up $0.35 on Tuesday, hitting $69.39. The company had a trading volume of 3,120,478 shares, compared to its average volume of 4,008,121. The stock has a 50 day moving average price of $60.49 and a 200 day moving average price of $41.93. The stock has a market cap of $11.60 billion, a price-to-earnings ratio of -462.60 and a beta of 2.11. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $78.97.

Analysts Set New Price Targets

Several research firms recently commented on CRDO. Mizuho increased their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday. Craig Hallum upped their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Susquehanna assumed 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. Stifel Nicolaus increased their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Finally, Roth Mkm upped their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.40.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently bought and sold shares of the company. Swedbank AB boosted its stake in shares of Credo Technology Group by 873.9% in the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after buying an additional 2,961,454 shares during the last quarter. Point72 Asset Management L.P. lifted its stake in shares of Credo Technology Group by 73.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after acquiring an additional 1,660,230 shares during the last quarter. FMR LLC lifted its position in Credo Technology Group by 731.6% in the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after purchasing an additional 1,013,789 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after buying an additional 909,578 shares during the period. Finally, Wellington Management Group LLP grew its stake in Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.