Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells $4,153,200.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 60,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $69.22, for a total transaction of $4,153,200.00. Following the sale, the chief technology officer now directly owns 8,448,602 shares of the company’s stock, valued at approximately $584,812,230.44. This represents a 0.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

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 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 stock was sold at an average price of $39.24, for a total value of $2,158,200.00.
• On Friday, October 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $38.41, for a total transaction of $2,112,550.00.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $76.64 on Tuesday. The firm has a market cap of $12.82 billion, a price-to-earnings ratio of -510.93 and a beta of 2.11. The firm has a 50 day simple moving average of $57.21 and a 200-day simple moving average of $40.39. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $78.97.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CRDO shares. TD Cowen boosted their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the company 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 report on Tuesday, December 3rd. Mizuho raised their target price 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. Craig Hallum upped their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Finally, Susquehanna assumed coverage on Credo Technology Group in a research report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price objective for the company. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus target price of $69.10.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Point72 Hong Kong Ltd purchased a new position in Credo Technology Group in the third quarter valued at $3,948,000. Wellington Management Group LLP raised its position in Credo Technology Group by 32.7% in 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. Charles Schwab Investment Management Inc. boosted its stake in shares of Credo Technology Group by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after buying an additional 95,335 shares during the period. Centiva Capital LP acquired a new position in shares of Credo Technology Group during the third quarter worth about $553,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Credo Technology Group by 94.1% during 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 buying an additional 118,169 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.