Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells $2,050,950.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $37.29, for a total transaction of $2,050,950.00. Following the completion of the sale, the chief technology officer now directly owns 7,828,602 shares of the company's stock, valued at approximately $291,928,568.58. The trade was a 0.70 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

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

• On Thursday, April 10th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $38.78, for a total value of $2,132,900.00.
• On Friday, April 4th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $32.96, for a total value of $1,812,800.00.
• On Monday, March 24th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $49.77, for a total value of $2,737,350.00.
• 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 transaction of $4,834,200.00.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock traded up $2.16 during trading on Tuesday, hitting $37.02. 3,933,179 shares of the company's stock traded hands, compared to its average volume of 3,524,900. The company has a market cap of $6.29 billion, a PE ratio of -246.80 and a beta of 2.30. The firm's fifty day moving average price is $47.18 and its 200 day moving average price is $54.72. Credo Technology Group Holding Ltd has a twelve month low of $16.91 and a twelve month high of $86.69.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors have recently added to or reduced their stakes in CRDO. Proficio Capital Partners LLC bought a new position in shares of Credo Technology Group during the 4th quarter worth approximately $700,000. Pacer Advisors Inc. raised its stake in Credo Technology Group by 30.2% during the fourth quarter. Pacer Advisors Inc. now owns 3,906 shares of the company's stock worth $263,000 after acquiring an additional 907 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Credo Technology Group by 3.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company's stock valued at $79,289,000 after acquiring an additional 43,169 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company's stock valued at $61,415,000 after purchasing an additional 368,518 shares in the last quarter. Finally, Vontobel Holding Ltd. grew its holdings in shares of Credo Technology Group by 3.4% in the 4th quarter. Vontobel Holding Ltd. now owns 19,584 shares of the company's stock worth $1,316,000 after purchasing an additional 635 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Stifel Nicolaus cut their price objective on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Needham & Company LLC reiterated a "buy" rating and set a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. Bank of America lowered their price objective on shares of 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. Mizuho cut their target price on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research note on Thursday, April 3rd. Finally, Susquehanna upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $71.50.

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.