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 that occurred on Thursday, January 2nd. The stock was sold at an average price of $69.22, for a total transaction of $4,153,200.00. Following the completion of the sale, the chief technology officer now owns 8,448,602 shares of the company’s stock, valued at $584,812,230.44. This trade represents a 0.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• 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 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 value 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 value of $2,112,550.00.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $76.64 on Tuesday. The stock has a market capitalization of $12.82 billion, a PE ratio of -510.93 and a beta of 2.11. The business has a 50 day simple moving average of $57.21 and a 200-day simple moving average of $40.39. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $78.97.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Assetmark Inc. increased its stake in shares of Credo Technology Group by 5.4% during the third quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock worth $153,000 after purchasing an additional 257 shares in the last quarter. GAMMA Investing LLC boosted 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 buying an additional 351 shares during the last quarter. Advisors Asset Management Inc. increased its stake in Credo Technology Group by 11.3% during the 3rd quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock worth $145,000 after buying an additional 478 shares in the last quarter. US Bancorp DE raised its holdings in shares of Credo Technology Group by 4.2% during the third quarter. US Bancorp DE now owns 16,210 shares of the company’s stock valued at $499,000 after acquiring an additional 649 shares during the last quarter. Finally, PDT Partners LLC boosted its stake in shares of Credo Technology Group by 0.7% in the third quarter. PDT Partners LLC now owns 88,720 shares of the company’s stock worth $2,733,000 after acquiring an additional 652 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Mizuho raised their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Stifel Nicolaus raised 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. Needham & Company LLC upped their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price target for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Finally, Craig Hallum boosted their price objective on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating 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’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $69.10.

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.