Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Sells $452,300.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $45.23, for a total transaction of $452,300.00. Following the transaction, the chief operating officer now directly owns 2,802,447 shares in the company, valued at $126,754,677.81. The trade was a 0.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

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

• On Wednesday, February 26th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $61.13, for a total transaction of $6,113,000.00.
• On Wednesday, January 29th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $58.66, for a total transaction of $5,866,000.00.
• On Tuesday, January 21st, Yat Tung Lam sold 10,000 shares of Credo Technology Group stock. The stock was sold at an average price of $80.59, for a total value of $805,900.00.
• On Friday, January 10th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $73.26, for a total value 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 value of $6,952,000.00.

Credo Technology Group Stock Down 4.5 %

CRDO stock opened at $40.51 on Monday. The company has a market cap of $6.88 billion, a price-to-earnings ratio of -270.07 and a beta of 2.16. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69. The business has a 50 day moving average price of $60.57 and a two-hundred day moving average price of $53.92.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd acquired a new stake in Credo Technology Group during the 3rd quarter worth approximately $3,948,000. Wellington Management Group LLP raised its stake 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 worth $88,188,000 after purchasing an additional 705,512 shares in the last quarter. Centiva Capital LP bought a new stake in Credo Technology Group in the 3rd quarter valued at about $553,000. Charles Schwab Investment Management Inc. grew its position in shares of Credo Technology Group by 9.2% during the 3rd 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 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 purchasing an additional 118,169 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CRDO has been the topic of a number of research reports. The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Stifel Nicolaus boosted their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Craig Hallum increased their target price on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Bank of America dropped their price target on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Finally, Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and a consensus price target of $74.90.

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.