Lip Bu Tan Sells 150,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 150,000 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $76.09, for a total value of $11,413,500.00. Following the transaction, the director now directly owns 1,113,725 shares of the company’s stock, valued at approximately $84,743,335.25. This represents a 11.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Lip Bu Tan also recently made the following trade(s):

• On Thursday, December 5th, Lip Bu Tan sold 3,799 shares of Credo Technology Group stock. The shares were sold at an average price of $70.73, for a total transaction of $268,703.27.
• On Monday, October 14th, Lip Bu Tan sold 15,281 shares of Credo Technology Group stock. The stock was sold at an average price of $39.05, for a total transaction of $596,723.05.
• On Friday, October 11th, Lip Bu Tan sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $38.16, for a total value of $3,816,000.00.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $73.02 on Friday. The company’s fifty day moving average is $58.54 and its two-hundred day moving average is $40.96. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $78.97. The company has a market capitalization of $12.21 billion, a P/E ratio of -486.80 and a beta of 2.11.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CRDO. Roth Mkm increased their price objective on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Susquehanna began coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target on the stock. Stifel Nicolaus boosted their price objective 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 target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Finally, The Goldman Sachs Group boosted their price target on shares of Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and an average target price of $69.10.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased 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. Point72 Asset Management L.P. grew its position in Credo Technology Group by 73.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after buying an additional 1,660,230 shares during the last quarter. Driehaus Capital Management LLC increased its stake 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 valued at $121,097,000 after buying an additional 115,271 shares during the period. Swedbank AB raised its position in Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after buying an additional 2,961,454 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Credo Technology Group by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after acquiring an additional 170,412 shares during the period. 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 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.