Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells 21,041 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) Director Pantas Sutardja sold 21,041 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $68.19, for a total value of $1,434,785.79. Following the completion of the sale, the director now directly owns 5,904,277 shares in the company, valued at approximately $402,612,648.63. This represents a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Credo Technology Group Trading Up 1.1 %

CRDO stock traded up $0.80 during midday trading on Thursday, reaching $72.02. 2,569,712 shares of the company's stock traded hands, compared to its average volume of 2,486,621. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $78.97. The stock has a market cap of $12.04 billion, a P/E ratio of -480.13 and a beta of 2.26. The stock's 50-day moving average is $52.13 and its 200 day moving average is $37.97.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Barclays upped their target price on shares of Credo Technology Group from $32.00 to $80.00 and gave the stock an "overweight" rating in a research note on Tuesday, December 3rd. Needham & Company LLC upped their price objective on Credo Technology Group from $43.00 to $70.00 and gave the company a "buy" rating in a research report on Tuesday, December 3rd. The Goldman Sachs Group lifted their target price on Credo Technology Group from $31.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, December 4th. Craig Hallum upped their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, December 3rd. Finally, Mizuho lifted their price objective on Credo Technology Group from $35.00 to $41.00 and gave the stock an "outperform" rating in a report on Monday, October 14th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $68.60.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Assetmark Inc. grew its holdings in Credo Technology Group by 5.4% during the third quarter. Assetmark Inc. now owns 4,978 shares of the company's stock valued at $153,000 after purchasing an additional 257 shares during the period. Advisors Asset Management Inc. grew its stake in shares of Credo Technology Group by 11.3% during 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 during the period. US Bancorp DE increased its holdings in Credo Technology Group by 4.2% in the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company's stock worth $499,000 after acquiring an additional 649 shares in the last quarter. PDT Partners LLC raised its stake in Credo Technology Group by 0.7% during the 3rd quarter. PDT Partners LLC now owns 88,720 shares of the company's stock worth $2,733,000 after acquiring an additional 652 shares during the period. Finally, Allworth Financial LP lifted its holdings in Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company's stock valued at $26,000 after purchasing an additional 771 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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.