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

Posted by Lindsey Winhoffer on Sep 27th, 2024

Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Free Report) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $29.67, for a total transaction of $1,631,850.00. Following the completion of the transaction, the chief technology officer now directly owns 9,003,602 shares in the company, valued at $267,136,871.34. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

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

On Friday, September 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $28.22, for a total value of $1,552,100.00.
On Tuesday, September 3rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $32.06, for a total value of $1,763,300.00.
On Monday, August 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $31.08, for a total value of $1,709,400.00.
On Friday, August 9th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $27.33, for a total transaction of $1,503,150.00.
On Thursday, August 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $26.85, for a total transaction of $1,476,750.00.
On Friday, July 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $29.30, for a total transaction of $1,611,500.00.
On Thursday, July 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $30.63, for a total transaction of $1,684,650.00.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $31.23 on Friday. The firm has a 50 day simple moving average of $29.44 and a 200 day simple moving average of $25.46. The company has a market cap of $5.16 billion, a price-to-earnings ratio of -173.50 and a beta of 2.26. Credo Technology Group Holding Ltd has a one year low of $13.38 and a one year high of $36.80.

Analysts Set New Price Targets

A number of equities analysts have commented on CRDO shares. Roth Mkm lifted their price objective on Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Bank of America boosted their price target on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th. Barclays increased their price objective on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Stifel Nicolaus boosted their target price on shares of Credo Technology Group from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Finally, Needham & Company LLC increased their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $34.00.

Check Out Our Latest Report on Credo Technology Group

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently modified their holdings of CRDO. Arcadia Investment Management Corp MI bought a new position in Credo Technology Group in the second quarter valued at about $29,000. Fifth Third Bancorp raised its holdings in Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after buying an additional 400 shares during the last quarter. CWM LLC boosted its position in Credo Technology Group by 78.1% during the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after buying an additional 594 shares during the period. Ulland Investment Advisors LLC bought a new stake in Credo Technology Group during the 1st quarter worth approximately $29,000. Finally, Cranbrook Wealth Management LLC acquired a new position in Credo Technology Group in the 2nd quarter valued at approximately $51,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Company Profile

(Get Free Report)

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.