Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng Sells 55,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction on Monday, January 27th. The shares were sold at an average price of $57.87, for a total transaction of $3,182,850.00. Following the sale, the chief technology officer now owns 8,213,602 shares in the company, valued at approximately $475,321,147.74. This trade represents a 0.67 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

Chi Fung Cheng also recently made the following trade(s):

• On Tuesday, January 21st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $80.57, for a total transaction of $4,834,200.00.
• On Tuesday, January 14th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $69.57, for a total value of $4,174,200.00.
• On Wednesday, January 8th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $72.09, for a total value of $4,325,400.00.
• On Thursday, January 2nd, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $69.22, for a total transaction of $4,153,200.00.
• 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 transaction 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 transaction of $2,605,350.00.

Credo Technology Group Stock Up 8.4 %

CRDO traded up $5.42 during trading on Friday, reaching $70.02. The company had a trading volume of 9,165,894 shares, compared to its average volume of 4,954,443. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69. The stock has a market cap of $11.71 billion, a P/E ratio of -466.80 and a beta of 2.11. The business has a 50 day simple moving average of $68.45 and a 200-day simple moving average of $46.00.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently made changes to their positions in CRDO. Thrivent Financial for Lutherans increased its stake in Credo Technology Group by 110.6% in the second quarter. Thrivent Financial for Lutherans now owns 82,653 shares of the company's stock worth $2,640,000 after purchasing an additional 43,411 shares during the period. Xponance Inc. bought a new stake in shares of Credo Technology Group during the second quarter valued at approximately $257,000. Millennium Management LLC grew its stake in Credo Technology Group by 20.5% in the second quarter. Millennium Management LLC now owns 1,470,970 shares of the company's stock worth $46,983,000 after purchasing an additional 250,027 shares in the last quarter. Algert Global LLC bought a new stake in Credo Technology Group during the 2nd quarter valued at $622,000. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Credo Technology Group by 4.7% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,239,479 shares of the company's stock worth $39,589,000 after buying an additional 55,135 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CRDO shares. Needham & Company LLC boosted their price objective on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a "buy" rating in a research report on Tuesday, December 3rd. TD Cowen upped their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, December 3rd. Craig Hallum increased their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, December 3rd. Susquehanna assumed coverage on Credo Technology Group in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $80.00 price objective on the stock. Finally, Mizuho lifted their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an "outperform" rating in a report on Friday, January 10th. 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.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $76.40.

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.