Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam Sells 10,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $80.59, for a total value of $805,900.00. Following the transaction, the chief operating officer now directly owns 2,825,621 shares of the company’s stock, valued at approximately $227,716,796.39. The trade was a 0.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Yat Tung Lam also recently made the following trade(s):

• On Friday, January 10th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $73.26, for a total transaction of $7,326,000.00.
• On Monday, December 30th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $69.52, for a total transaction of $6,952,000.00.
• On Friday, December 20th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $68.03, for a total transaction of $6,803,000.00.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $84.18 on Friday. The company’s 50 day moving average price is $65.04 and its 200-day moving average price is $44.15. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69. The company has a market capitalization of $14.08 billion, a P/E ratio of -561.20 and a beta of 2.11.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds have recently bought and sold shares of the company. Point72 Hong Kong Ltd acquired a new stake in Credo Technology Group during the 3rd quarter worth about $3,948,000. Wellington Management Group LLP boosted its position in shares of Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after purchasing an additional 705,512 shares in the last quarter. Centiva Capital LP acquired a new stake in Credo Technology Group during the third quarter worth approximately $553,000. Charles Schwab Investment Management Inc. increased its holdings in Credo Technology Group by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after purchasing an additional 95,335 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in 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 worth $7,507,000 after purchasing an additional 118,169 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CRDO shares. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price objective for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. Craig Hallum boosted their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Needham & Company LLC upped their price objective on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Roth Mkm lifted their target price on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Finally, TD Cowen upped their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $76.40.

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.