Pantas Sutardja Sells 21,041 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Pantas Sutardja sold 21,041 shares of Credo Technology Group stock in a transaction on Friday, December 20th. The shares were sold at an average price of $68.19, for a total value of $1,434,785.79. Following the sale, the director now directly owns 5,904,277 shares of the company’s stock, valued at approximately $402,612,648.63. The trade was a 0.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Credo Technology Group Stock Down 3.8 %

Shares of CRDO opened at $69.29 on Friday. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $78.97. The firm has a market capitalization of $11.59 billion, a price-to-earnings ratio of -461.93 and a beta of 2.26. The stock’s 50-day moving average price is $52.82 and its 200 day moving average price is $38.21.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd bought a new position in Credo Technology Group during the third quarter valued at about $3,948,000. Wellington Management Group LLP increased its stake in Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after acquiring an additional 705,512 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Credo Technology Group by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after purchasing an additional 95,335 shares during the period. Centiva Capital LP bought a new stake in shares of Credo Technology Group in the 3rd quarter valued at approximately $553,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Credo Technology Group by 94.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after purchasing an additional 118,169 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on CRDO shares. Stifel Nicolaus reaffirmed a “buy” rating and issued a $75.00 price target (up previously from $50.00) on shares of Credo Technology Group in a research report on Tuesday, December 3rd. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price target for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Craig Hallum boosted their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Needham & Company LLC boosted their price target on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Finally, Barclays lifted their price objective on Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Moderate Buy” and an average price target of $68.60.

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.