Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells 55,000 Shares of 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 dated Tuesday, April 22nd. The stock was sold at an average price of $36.74, for a total value of $2,020,700.00. Following the completion of the sale, the chief technology officer now directly owns 7,773,602 shares in the company, valued at $285,602,137.48. This trade represents a 0.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

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

• On Wednesday, April 16th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $37.29, for a total transaction of $2,050,950.00.
• On Thursday, April 10th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $38.78, for a total transaction of $2,132,900.00.
• On Friday, April 4th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were 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 transaction 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 stock was sold at an average price of $57.87, for a total transaction of $3,182,850.00.

Credo Technology Group Price Performance

NASDAQ CRDO traded up $1.29 during midday trading on Friday, hitting $43.68. 2,369,561 shares of the company traded hands, compared to its average volume of 3,551,949. The company has a market cap of $7.42 billion, a PE ratio of -291.20 and a beta of 2.30. Credo Technology Group Holding Ltd has a 52 week low of $16.91 and a 52 week high of $86.69. The company's 50-day simple moving average is $45.38 and its 200-day simple moving average is $54.76.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CRDO. Needham & Company LLC reaffirmed a "buy" rating and set a $80.00 target price on shares of Credo Technology Group in a research note on Wednesday, March 5th. Barclays cut their price objective on Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating on the stock in a research report on Tuesday. Mizuho decreased their target price on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Stifel Nicolaus lowered their price target on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Finally, The Goldman Sachs Group raised their price objective on Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a report on Friday, January 10th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of "Buy" and a consensus price target of $71.50.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors have recently added to or reduced their stakes in the stock. Kestra Investment Management LLC purchased a new stake in shares of Credo Technology Group during the fourth quarter valued at about $38,000. WASHINGTON TRUST Co acquired a new position in Credo Technology Group during the 4th quarter valued at approximately $43,000. Principal Securities Inc. increased its position 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 valued at $45,000 after acquiring an additional 576 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Credo Technology Group in the first quarter worth about $27,000. Finally, Quarry LP acquired a new stake in Credo Technology Group during the 4th quarter valued at approximately $58,000. 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.