Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Sells $6,803,000.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $68.03, for a total value of $6,803,000.00. Following the transaction, the chief operating officer now owns 400,000 shares in the company, valued at approximately $27,212,000. This trade represents a 20.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Yat Tung Lam also recently made the following trade(s):

• On Friday, October 11th, Yat Tung Lam sold 10,000 shares of Credo Technology Group stock. The shares were sold at an average price of $38.41, for a total value of $384,100.00.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $69.29 on Friday. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $78.97. The company has a market capitalization of $11.59 billion, a P/E ratio of -461.93 and a beta of 2.26. The company has a 50-day simple moving average of $53.46 and a 200 day simple moving average of $38.56.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on CRDO shares. Mizuho raised their target price on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. The Goldman Sachs Group upped their price objective on Credo Technology Group from $31.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Craig Hallum raised their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. TD Cowen lifted their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and increased their target price for the stock from $27.00 to $80.00 in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $68.60.

Institutional Trading of Credo Technology Group

Hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. increased its holdings in shares of Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after acquiring an additional 909,578 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Credo Technology Group by 22.7% in the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after purchasing an additional 368,518 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of Credo Technology Group by 17.9% in the third quarter. Franklin Resources Inc. now owns 73,037 shares of the company’s stock valued at $2,250,000 after purchasing an additional 11,065 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Credo Technology Group by 5.7% in the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after purchasing an additional 170,412 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Credo Technology Group during the 3rd quarter worth about $614,000. 80.46% of the stock is owned by institutional investors and hedge funds.

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.