Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells 60,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 60,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $69.22, for a total value of $4,153,200.00. Following the transaction, the chief technology officer now directly owns 8,448,602 shares of the company’s stock, valued at approximately $584,812,230.44. This trade represents a 0.71 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 value of $3,742,200.00.
• On Monday, December 2nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $48.57, for a total value 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 transaction 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 transaction 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 Trading Up 5.9 %

Shares of CRDO stock traded up $4.25 during trading hours on Monday, reaching $76.64. 5,722,628 shares of the stock were exchanged, compared to its average volume of 3,892,933. The firm has a market capitalization of $12.82 billion, a price-to-earnings ratio of -510.93 and a beta of 2.26. 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 $57.21 and its 200-day moving average price is $40.39.

Institutional Trading of Credo Technology Group

Several institutional investors and hedge funds have recently made changes to their positions in CRDO. Everence Capital Management Inc. bought a new position in Credo Technology Group in the 4th quarter worth about $252,000. GAMMA Investing LLC boosted its holdings in shares of Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after purchasing an additional 351 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after purchasing an additional 909,578 shares during the period. Principal Financial Group Inc. increased its holdings in Credo Technology Group by 22.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after purchasing an additional 368,518 shares during the period. Finally, Franklin Resources Inc. raised its position in Credo Technology Group by 17.9% during the 3rd quarter. Franklin Resources Inc. now owns 73,037 shares of the company’s stock valued at $2,250,000 after purchasing an additional 11,065 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on CRDO. 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 research report on Monday. Mizuho increased their price target on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price objective for the company from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Craig Hallum lifted their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, TD Cowen raised their price target on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.