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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $57.87, for a total transaction of $3,182,850.00. Following the sale, the chief technology officer now owns 8,213,602 shares of the company’s stock, valued at $475,321,147.74. This represents a 0.67 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• 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 value 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 transaction 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 transaction 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 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 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 stock was sold at an average price of $47.37, for a total transaction of $2,605,350.00.

Credo Technology Group Stock Performance

CRDO opened at $64.60 on Friday. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $86.69. The company has a 50-day moving average of $67.97 and a 200-day moving average of $45.55. The company has a market capitalization of $10.80 billion, a P/E ratio of -430.67 and a beta of 2.11.

Institutional Trading of Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the business. Allworth Financial LP grew its position 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 worth $26,000 after acquiring an additional 771 shares during the last quarter. Rakuten Securities Inc. acquired a new position in Credo Technology Group during the 3rd quarter valued at about $30,000. Brown Brothers Harriman & Co. increased its stake in shares of Credo Technology Group by 695.1% during the third 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 during the period. WASHINGTON TRUST Co bought a new position in Credo Technology Group during the 4th quarter valued at $43,000. Finally, Principal Securities Inc. increased its position in shares of Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after purchasing an additional 576 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CRDO. Barclays lifted their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Needham & Company LLC upped their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. TD Cowen increased their price objective on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group lifted their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Finally, Roth Mkm upped their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $76.40.

About Credo Technology Group

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.