Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells $2,600,950.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $47.29, for a total value of $2,600,950.00. Following the transaction, the chief technology officer now directly owns 8,103,602 shares of the company's stock, valued at approximately $383,219,338.58. The trade was a 0.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

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

• On Monday, January 27th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $57.87, for a total transaction of $3,182,850.00.
• On Tuesday, January 21st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was 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 transaction of $4,174,200.00.
• On Wednesday, January 8th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were 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 value of $4,153,200.00.
• On Friday, December 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $68.04, for a total value of $3,742,200.00.

Credo Technology Group Trading Down 0.3 %

NASDAQ CRDO traded down $0.15 on Friday, reaching $46.34. The stock had a trading volume of 3,271,181 shares, compared to its average volume of 3,205,363. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $86.69. The business has a 50 day moving average price of $63.41 and a 200 day moving average price of $53.06. The company has a market capitalization of $7.87 billion, a price-to-earnings ratio of -308.93 and a beta of 2.16.

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Wall Street Analyst Weigh In

CRDO has been the subject of a number of analyst reports. Mizuho upped their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an "outperform" rating in a research note on Friday, January 10th. The Goldman Sachs Group raised their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research note on Friday, January 10th. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Stifel Nicolaus raised their target price on Credo Technology Group from $75.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday, January 6th. Finally, Barclays lifted their price target on Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a report on Friday, January 17th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $74.90.

Institutional Investors Weigh In On Credo Technology Group

Large investors have recently made changes to their positions in the company. Swedbank AB lifted its stake in Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company's stock valued at $101,650,000 after acquiring an additional 2,961,454 shares during the last quarter. Norges Bank bought a new position in shares of Credo Technology Group during the 4th quarter valued at $117,242,000. Point72 Asset Management L.P. raised its holdings in shares of Credo Technology Group by 73.6% during 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 purchasing an additional 1,660,230 shares in the last quarter. Alliancebernstein L.P. lifted its stake in shares of Credo Technology Group by 299.9% in the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock valued at $117,011,000 after purchasing an additional 1,305,594 shares during the last quarter. Finally, Polar Capital Holdings Plc boosted its holdings in Credo Technology Group by 382.1% in the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock worth $97,527,000 after purchasing an additional 1,150,084 shares in the last quarter. 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.