Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells 60,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 60,000 shares of the firm's stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $72.09, for a total transaction of $4,325,400.00. Following the sale, the chief technology officer now directly owns 8,388,602 shares of the company's stock, valued at $604,734,318.18. This trade represents a 0.71 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• 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 stock was sold at an average price of $48.57, for a total transaction 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.
• On Monday, October 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $39.24, for a total transaction of $2,158,200.00.

Credo Technology Group Trading Up 1.1 %

Shares of CRDO traded up $0.78 during trading hours on Friday, reaching $73.80. 3,839,734 shares of the stock traded hands, compared to its average volume of 4,100,167. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $78.97. The company's 50-day moving average price is $59.24 and its two-hundred day moving average price is $41.18. The company has a market cap of $12.34 billion, a P/E ratio of -492.00 and a beta of 2.11.

Institutional Trading of Credo Technology Group

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its holdings in Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock valued at $404,797,000 after acquiring an additional 909,578 shares during the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Credo Technology Group by 73.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company's stock worth $120,627,000 after buying an additional 1,660,230 shares during the last quarter. Driehaus Capital Management LLC increased its holdings in shares of Credo Technology Group by 3.1% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company's stock worth $121,097,000 after buying an additional 115,271 shares during the last quarter. Swedbank AB increased its holdings in shares of Credo Technology Group by 873.9% in the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company's stock worth $101,650,000 after buying an additional 2,961,454 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Credo Technology Group by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company's stock worth $97,865,000 after buying an additional 170,412 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CRDO has been the subject of a number of research analyst reports. Susquehanna initiated coverage on shares of Credo Technology Group in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $80.00 target price for the company. Roth Mkm lifted their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a research note on Tuesday, October 22nd. TD Cowen lifted 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 note on Tuesday, December 3rd. Mizuho lifted their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an "outperform" rating in a research note on Friday. Finally, Bank of America upgraded shares of Credo Technology Group from an "underperform" rating to a "buy" rating and lifted their price target for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Credo Technology Group has a consensus rating of "Moderate Buy" and a consensus target price of $75.40.

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.