Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells $4,325,400.00 in Stock

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 Wednesday, January 8th. The stock was sold at an average price of $72.09, for a total transaction of $4,325,400.00. Following the completion of the transaction, the chief technology officer now owns 8,388,602 shares in the company, valued at approximately $604,734,318.18. This trade represents a 0.71 % decrease in their position. The transaction 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 Thursday, January 2nd, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $69.22, for a total transaction of $4,153,200.00.
• On Friday, December 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were 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 shares were 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 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.

Credo Technology Group Stock Performance

CRDO opened at $73.80 on Friday. The stock has a 50-day moving average of $59.91 and a 200-day moving average of $41.50. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $78.97. The company has a market cap of $12.34 billion, a PE ratio of -492.00 and a beta of 2.11.

Analyst Upgrades and Downgrades

Several analysts recently commented on CRDO shares. Roth Mkm raised their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price target for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. TD Cowen increased their price objective on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Mizuho boosted their target price on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Stifel Nicolaus raised their price target on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Credo Technology Group currently has an average rating of “Moderate Buy” and an average price target of $75.40.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently added to or reduced their stakes in CRDO. Point72 Hong Kong Ltd bought a new position in shares of Credo Technology Group in the third quarter valued at approximately $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. Centiva Capital LP acquired a new stake in shares of Credo Technology Group during the 3rd quarter worth approximately $553,000. Charles Schwab Investment Management Inc. increased its position in shares of Credo Technology Group by 9.2% during the third 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. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Credo Technology Group by 94.1% in the third 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 in the last quarter. Institutional investors own 80.46% of the company’s stock.

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.