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

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $49.77, for a total value of $2,737,350.00. Following the sale, the chief technology officer now directly owns 8,048,602 shares of the company's stock, valued at $400,578,921.54. This represents a 0.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Monday, March 17th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $47.29, for a total transaction of $2,600,950.00.
• 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 value of $4,834,200.00.
• On Tuesday, January 14th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was 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 shares were sold at an average price of $72.09, for a total transaction 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.

Credo Technology Group Stock Performance

NASDAQ CRDO traded down $1.92 during trading hours on Friday, reaching $40.51. 3,010,017 shares of the company's stock were exchanged, compared to its average volume of 3,334,164. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $86.69. The company's 50-day moving average is $60.57 and its two-hundred day moving average is $53.92. The company has a market capitalization of $6.88 billion, a price-to-earnings ratio of -270.07 and a beta of 2.16.

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Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently made changes to their positions in CRDO. Nisa Investment Advisors LLC increased its holdings in Credo Technology Group by 8.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company's stock worth $225,000 after purchasing an additional 255 shares in the last quarter. CIBC Private Wealth Group LLC boosted its position in shares of Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock worth $75,000 after buying an additional 348 shares during the period. GAMMA Investing LLC grew its holdings in shares of Credo Technology Group by 56.3% during the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company's stock worth $65,000 after buying an additional 351 shares in the last quarter. Amalgamated Bank raised its position in Credo Technology Group by 9.4% in the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company's stock valued at $321,000 after buying an additional 411 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its stake in Credo Technology Group by 11.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company's stock valued at $145,000 after acquiring an additional 478 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRDO has been the subject of a number of analyst reports. Barclays lifted 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. TD Cowen lifted their price objective on Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, December 3rd. Bank of America cut their target price 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. Craig Hallum boosted their target price on Credo Technology Group from $38.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, December 3rd. Finally, The Goldman Sachs Group increased 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 report on Friday, January 10th. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $74.90.

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.