Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells $3,742,200.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $68.04, for a total value of $3,742,200.00. Following the completion of the sale, the chief technology officer now directly owns 8,508,602 shares in the company, valued at $578,925,280.08. This represents a 0.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

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

• 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 value 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 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 transaction of $2,158,200.00.
• On Friday, October 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $38.41, for a total transaction of $2,112,550.00.
• On Thursday, October 3rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $31.07, for a total transaction of $1,708,850.00.

Credo Technology Group Price Performance

CRDO traded up $0.80 during trading on Thursday, hitting $72.02. The stock had a trading volume of 2,567,592 shares, compared to its average volume of 2,484,870. The firm has a market cap of $12.04 billion, a price-to-earnings ratio of -480.13 and a beta of 2.26. The company has a 50 day moving average price of $52.13 and a 200-day moving average price of $37.97. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $78.97.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Stifel Nicolaus reaffirmed a “buy” rating and set a $75.00 price target (up previously from $50.00) on shares of Credo Technology Group in a research report on Tuesday, December 3rd. Needham & Company LLC increased their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group boosted their price objective on shares of Credo Technology Group from $31.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. TD Cowen lifted their price target on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Finally, Susquehanna started coverage on Credo Technology Group in a research report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price target on the stock. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $68.60.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the business. Principal Financial Group Inc. boosted its holdings in Credo Technology Group by 22.7% in the 3rd 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 period. Franklin Resources Inc. raised its position 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 buying an additional 11,065 shares in the last quarter. Geode Capital Management LLC boosted its stake 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 buying an additional 170,412 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in Credo Technology Group during the third quarter worth approximately $614,000. Finally, Orion Portfolio Solutions LLC increased its stake in Credo Technology Group by 40.6% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 10,190 shares of the company’s stock worth $314,000 after acquiring an additional 2,945 shares during the period. 80.46% of the stock is currently 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.