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 the business’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $72.09, for a total value of $4,325,400.00. Following the transaction, the chief technology officer now directly owns 8,388,602 shares in the company, valued at $604,734,318.18. This trade represents a 0.71 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Thursday, January 2nd, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were 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 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.
• On Monday, October 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $39.24, for a total value of $2,158,200.00.

Credo Technology Group Stock Up 1.1 %

Shares of NASDAQ:CRDO opened at $73.80 on Friday. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $78.97. The company’s 50 day moving average price is $59.24 and its two-hundred day moving average price is $41.18. The firm has a market cap of $12.34 billion, a PE ratio of -492.00 and a beta of 2.11.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently added to or reduced their stakes in the stock. Allworth Financial LP grew its stake in 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 buying an additional 771 shares in the last quarter. Rakuten Securities Inc. bought a new stake in Credo Technology Group during the third quarter worth $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 during the last quarter. Cranbrook Wealth Management LLC bought a new stake in shares of Credo Technology Group during the 2nd quarter worth $51,000. Finally, Larson Financial Group LLC boosted its stake in Credo Technology Group by 240.0% in the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after buying an additional 1,399 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. TD Cowen raised their price objective on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. 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 report on Tuesday, October 22nd. Needham & Company LLC increased their price objective on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Stifel Nicolaus lifted their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Finally, Barclays raised their price objective on shares of Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $75.40.

Credo Technology Group Company Profile

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.