Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells 60,000 Shares of 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 14th. The stock was sold at an average price of $69.57, for a total value of $4,174,200.00. Following the completion of the transaction, the chief technology officer now directly owns 8,328,602 shares of the company’s stock, valued at approximately $579,420,841.14. This trade represents a 0.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

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 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 value 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 value 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 value of $2,605,350.00.
• On Monday, October 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were 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 $80.02 on Friday. The business’s 50 day moving average price is $62.88 and its 200-day moving average price is $43.08. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $82.00. The company has a market cap of $13.38 billion, a price-to-earnings ratio of -533.47 and a beta of 2.11.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CRDO shares. Craig Hallum increased their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Roth Mkm increased their price target on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Stifel Nicolaus upped their price objective on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Mizuho upped their price objective on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Finally, The Goldman Sachs Group upped their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, January 10th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $76.40.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CRDO. Allworth Financial LP increased its holdings in Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after purchasing an additional 771 shares during the period. Rakuten Securities Inc. purchased a new position in Credo Technology Group during the 3rd quarter worth $30,000. Brown Brothers Harriman & Co. increased 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 purchasing an additional 1,001 shares during the period. Larson Financial Group LLC increased its holdings in Credo Technology Group by 240.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock worth $61,000 after purchasing an additional 1,399 shares during the period. Finally, GAMMA Investing LLC increased its holdings in 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 purchasing an additional 351 shares during the period. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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.