Credo Technology Group Holding Ltd (NASDAQ:CRDO) CEO William Joseph Brennan Sells 143,880 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the transaction, the chief executive officer now directly owns 2,529,738 shares in the company, valued at $65,140,753.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Credo Technology Group Trading Up 2.6 %

CRDO opened at $24.90 on Wednesday. The company’s 50 day moving average is $30.24 and its 200-day moving average is $24.92. The company has a market cap of $4.13 billion, a P/E ratio of -138.33 and a beta of 2.26. Credo Technology Group Holding Ltd has a 1-year low of $13.38 and a 1-year high of $36.80.

Analysts Set New Price Targets

A number of research firms have commented on CRDO. TD Cowen raised their price objective on Credo Technology Group from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. The Goldman Sachs Group raised their price target on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Bank of America boosted their price target on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th. Needham & Company LLC raised their target price on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Finally, 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 report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $34.00.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently added to or reduced their stakes in CRDO. Algert Global LLC acquired a new position in shares of Credo Technology Group during the second quarter worth $622,000. Driehaus Capital Management LLC increased its holdings in Credo Technology Group by 3.1% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock worth $121,097,000 after purchasing an additional 115,271 shares in the last quarter. Scientech Research LLC acquired a new position in Credo Technology Group in the 2nd quarter worth about $1,297,000. The Manufacturers Life Insurance Company boosted its stake in shares of Credo Technology Group by 27.2% during the second quarter. The Manufacturers Life Insurance Company now owns 1,697,723 shares of the company’s stock valued at $54,225,000 after purchasing an additional 362,634 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Credo Technology Group by 20.5% during the second quarter. Millennium Management LLC now owns 1,470,970 shares of the company’s stock valued at $46,983,000 after purchasing an additional 250,027 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

About Credo Technology Group

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.