Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng Sells 55,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $47.29, for a total transaction of $2,600,950.00. Following the completion of the transaction, the chief technology officer now owns 8,103,602 shares of the company’s stock, valued at approximately $383,219,338.58. The trade was a 0.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Monday, January 27th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $57.87, for a total transaction of $3,182,850.00.
• On Tuesday, January 21st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $80.57, for a total transaction of $4,834,200.00.
• 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 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 shares were 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 value of $3,742,200.00.

Credo Technology Group Trading Up 6.1 %

NASDAQ:CRDO traded up $2.70 during trading hours on Wednesday, hitting $46.77. 4,627,736 shares of the company traded hands, compared to its average volume of 3,187,691. The stock has a market capitalization of $7.94 billion, a price-to-earnings ratio of -311.80 and a beta of 2.16. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69. The firm has a 50-day moving average of $65.02 and a 200 day moving average of $52.92.

Hedge Funds Weigh In On Credo Technology Group

Large investors have recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. raised its holdings in Credo Technology Group by 695.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after acquiring an additional 1,001 shares in the last quarter. Kestra Investment Management LLC acquired a new position in shares of Credo Technology Group in the 4th quarter valued at $38,000. WASHINGTON TRUST Co acquired a new position in shares of Credo Technology Group in the 4th quarter valued at $43,000. Principal Securities Inc. raised its position in Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after purchasing an additional 576 shares in the last quarter. Finally, Quarry LP acquired a new position in Credo Technology Group in the fourth quarter worth about $58,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CRDO has been the subject of several research reports. TD Cowen raised their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Needham & Company LLC reissued a “buy” rating and set a $80.00 target price on shares of Credo Technology Group in a research note on Wednesday, March 5th. Bank of America decreased their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Finally, Barclays boosted their target price on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and a consensus target price of $74.90.

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.