Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells 55,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $29.67, for a total value of $1,631,850.00. Following the completion of the sale, the chief technology officer now directly owns 9,003,602 shares in the company, valued at $267,136,871.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

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

• On Friday, September 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $28.22, for a total value of $1,552,100.00.
• On Tuesday, September 3rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $32.06, for a total value of $1,763,300.00.
• On Monday, August 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $31.08, for a total value of $1,709,400.00.
• On Friday, August 9th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $27.33, for a total value of $1,503,150.00.
• On Thursday, August 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $26.85, for a total value of $1,476,750.00.
• On Friday, July 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $29.30, for a total value of $1,611,500.00.
• On Thursday, July 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $30.63, for a total value of $1,684,650.00.

Credo Technology Group Stock Down 0.2 %

CRDO stock traded down $0.06 during trading on Wednesday, reaching $29.82. The company’s stock had a trading volume of 1,836,442 shares, compared to its average volume of 2,233,259. Credo Technology Group Holding Ltd has a 1 year low of $13.38 and a 1 year high of $36.80. The company has a market capitalization of $4.93 billion, a P/E ratio of -166.94 and a beta of 2.26. The company’s fifty day moving average is $29.42 and its 200-day moving average is $25.39.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors have recently bought and sold shares of the business. AMF Tjanstepension AB increased its stake in Credo Technology Group by 31.8% in the 1st quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock worth $36,302,000 after buying an additional 413,149 shares in the last quarter. Thornburg Investment Management Inc. increased its stake in Credo Technology Group by 37.1% in the 1st quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock worth $5,029,000 after buying an additional 64,177 shares in the last quarter. Capstone Investment Advisors LLC purchased a new stake in Credo Technology Group in the 1st quarter worth $2,732,000. Swiss National Bank increased its stake in Credo Technology Group by 14.7% in the 1st quarter. Swiss National Bank now owns 254,416 shares of the company’s stock worth $5,391,000 after buying an additional 32,600 shares in the last quarter. Finally, Castleark Management LLC bought a new position in shares of Credo Technology Group during the 1st quarter valued at about $3,876,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

CRDO has been the subject of a number of research reports. Barclays boosted their target price on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Stifel Nicolaus boosted their target price on shares of Credo Technology Group from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Needham & Company LLC boosted their target price on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Roth Mkm boosted their target price on shares of Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Finally, TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. One analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $34.00.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.