Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells $4,834,200.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 60,000 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $80.57, for a total transaction of $4,834,200.00. Following the sale, the chief technology officer now directly owns 8,268,602 shares of the company’s stock, valued at approximately $666,201,263.14. This represents a 0.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

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

• On Tuesday, January 14th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $69.57, for a total value of $4,174,200.00.
• On Wednesday, January 8th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was 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 value of $4,153,200.00.
• On Friday, December 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was 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 shares were 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 stock was sold at an average price of $47.37, for a total transaction of $2,605,350.00.

Credo Technology Group Trading Down 1.5 %

Shares of CRDO stock traded down $1.32 during trading hours on Thursday, reaching $84.18. The company’s stock had a trading volume of 3,276,256 shares, compared to its average volume of 4,384,490. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $86.69. The stock has a market capitalization of $14.08 billion, a P/E ratio of -561.20 and a beta of 2.11. The firm’s fifty day simple moving average is $65.04 and its 200 day simple moving average is $44.15.

Analysts Set New Price Targets

CRDO has been the subject of several research analyst reports. TD Cowen increased their price objective on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price target for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Craig Hallum lifted their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Stifel Nicolaus boosted their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Finally, Needham & Company LLC raised their price objective on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $76.40.

Institutional Trading of Credo Technology Group

A number of institutional investors and hedge funds have recently modified their holdings of CRDO. Allworth Financial LP raised its stake in shares of Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after acquiring an additional 771 shares in the last quarter. Rakuten Securities Inc. purchased a new position in shares of Credo Technology Group in the 3rd quarter valued at $30,000. Brown Brothers Harriman & Co. lifted its stake in shares of 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 purchasing an additional 1,001 shares during the last quarter. Larson Financial Group LLC boosted its position in Credo Technology Group by 240.0% during the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after purchasing an additional 1,399 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Credo Technology Group by 56.3% during the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after acquiring an additional 351 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

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.