Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng Sells 60,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 60,000 shares of the firm’s stock in a transaction on Tuesday, January 14th. The shares were sold at an average price of $69.57, for a total value of $4,174,200.00. Following the sale, the chief technology officer now directly owns 8,328,602 shares of the company’s stock, valued at $579,420,841.14. This represents a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Chi Fung Cheng also recently made the following trade(s):

• On Wednesday, January 8th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $72.09, for a total value of $4,325,400.00.
• On Thursday, January 2nd, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $69.22, for a total transaction of $4,153,200.00.
• On Friday, December 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $68.04, for a total transaction of $3,742,200.00.
• On Monday, December 2nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $48.57, for a total transaction of $2,671,350.00.
• On Friday, November 8th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $47.37, for a total transaction of $2,605,350.00.
• On Monday, October 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $39.24, for a total value of $2,158,200.00.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $75.60 on Friday. The company has a 50 day moving average price of $62.23 and a two-hundred day moving average price of $42.66. The company has a market capitalization of $12.64 billion, a PE ratio of -504.00 and a beta of 2.11. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $78.97.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. raised its stake in Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after buying an additional 909,578 shares during the period. Point72 Asset Management L.P. increased its holdings in shares of Credo Technology Group by 73.6% in the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after acquiring an additional 1,660,230 shares in the last quarter. Driehaus Capital Management LLC raised its position in shares of Credo Technology Group by 3.1% during the second quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock worth $121,097,000 after purchasing an additional 115,271 shares during the period. Swedbank AB lifted its holdings in shares of Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after purchasing an additional 2,961,454 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Credo Technology Group by 5.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after purchasing an additional 170,412 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Roth Mkm boosted their target price on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Susquehanna assumed coverage on Credo Technology Group in a report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price objective for the company. Stifel Nicolaus raised their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Craig Hallum boosted their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Finally, Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price objective for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and an average target price of $75.40.

Credo Technology Group Company Profile

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.