Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng Sells 60,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $80.57, for a total value of $4,834,200.00. Following the sale, the chief technology officer now owns 8,268,602 shares of the company’s stock, valued at approximately $666,201,263.14. This trade represents a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

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

• 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 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 shares were 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 transaction 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 transaction of $2,605,350.00.

Credo Technology Group Trading Down 4.4 %

Shares of NASDAQ:CRDO opened at $80.47 on Friday. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69. The business has a 50 day moving average of $66.70 and a two-hundred day moving average of $44.86. The company has a market capitalization of $13.46 billion, a PE ratio of -536.47 and a beta of 2.11.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CRDO shares. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and raised their target price for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. TD Cowen raised 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. The Goldman Sachs Group upped their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Roth Mkm lifted their target price on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Finally, Susquehanna began coverage on shares of Credo Technology Group in a report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target for the company. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $76.40.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently added to or reduced their stakes in CRDO. Allworth Financial LP increased its holdings in Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after buying an additional 771 shares in the last quarter. Rakuten Securities Inc. acquired a new stake in shares of 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% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after purchasing an additional 1,001 shares in the last quarter. Larson Financial Group LLC raised its holdings in Credo Technology Group by 240.0% in 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 raised its holdings in Credo Technology Group by 56.3% in 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 owned by hedge funds and other institutional investors.

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.