Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Sells $430,800.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $43.08, for a total value of $430,800.00. Following the completion of the sale, the chief operating officer now directly owns 2,792,447 shares of the company’s stock, valued at $120,298,616.76. This represents a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Wednesday, March 26th, Yat Tung Lam sold 10,000 shares of Credo Technology Group stock. The stock was sold at an average price of $45.23, for a total value of $452,300.00.
• On Wednesday, February 26th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $61.13, for a total value of $6,113,000.00.
• On Wednesday, January 29th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The stock was 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 shares were sold at an average price of $80.59, for a total transaction of $805,900.00.
• 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.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $35.91 on Tuesday. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The firm’s fifty day moving average price is $55.85 and its 200-day moving average price is $54.37. The stock has a market cap of $6.10 billion, a P/E ratio of -239.40 and a beta of 2.30.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CRDO. Mizuho cut their price target on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a report on Thursday, April 3rd. Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Stifel Nicolaus upped their price target on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Needham & Company LLC restated a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a research report on Wednesday, March 5th. Finally, Barclays upped their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of “Buy” and an average price target of $74.60.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently added to or reduced their stakes in the company. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group during the 4th quarter valued at about $38,000. WASHINGTON TRUST Co purchased a new position in shares of Credo Technology Group during the fourth quarter worth approximately $43,000. Principal Securities Inc. lifted its holdings in shares of Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after acquiring an additional 576 shares during the last quarter. Quarry LP purchased a new stake in shares of Credo Technology Group in the 4th quarter valued at $58,000. Finally, Plato Investment Management Ltd bought a new position in shares of Credo Technology Group during the 4th quarter valued at $61,000. 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.