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

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $68.04, for a total value of $3,742,200.00. Following the transaction, the chief technology officer now owns 8,508,602 shares of the company's stock, valued at approximately $578,925,280.08. This trade represents a 0.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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

• On Monday, December 2nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were 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 shares were sold at an average price of $47.37, for a total value 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.
• On Friday, October 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $38.41, for a total transaction of $2,112,550.00.
• On Thursday, October 3rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $31.07, for a total value of $1,708,850.00.

Credo Technology Group Trading Up 1.1 %

Shares of CRDO traded up $0.80 on Thursday, reaching $72.02. 2,569,712 shares of the company's stock were exchanged, compared to its average volume of 2,486,621. The business has a 50 day moving average price of $52.13 and a two-hundred day moving average price of $37.97. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $78.97. The stock has a market capitalization of $12.04 billion, a P/E ratio of -480.13 and a beta of 2.26.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Barclays lifted their target price on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an "overweight" rating in a research note on Tuesday, December 3rd. Susquehanna began coverage on Credo Technology Group in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $80.00 price objective for the company. Needham & Company LLC increased their target price on Credo Technology Group from $43.00 to $70.00 and gave the stock a "buy" rating in a report on Tuesday, December 3rd. TD Cowen lifted their price target on Credo Technology Group from $45.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, December 3rd. Finally, Roth Mkm increased their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Credo Technology Group presently has a consensus rating of "Moderate Buy" and an average target price of $68.60.

Institutional Trading of Credo Technology Group

A number of institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. boosted its position in shares of Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock worth $404,797,000 after purchasing an additional 909,578 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Credo Technology Group by 22.7% in the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company's stock valued at $61,415,000 after buying an additional 368,518 shares during the period. Franklin Resources Inc. boosted its holdings in Credo Technology Group by 17.9% during the third quarter. Franklin Resources Inc. now owns 73,037 shares of the company's stock worth $2,250,000 after buying an additional 11,065 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Credo Technology Group by 5.7% during 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 period. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of Credo Technology Group in the 3rd quarter valued at about $614,000. Institutional investors and hedge funds 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.