Daniel W. Fleming Sells 3,790 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) CFO Daniel W. Fleming sold 3,790 shares of the company's stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total transaction of $265,034.70. Following the transaction, the chief financial officer now directly owns 652,666 shares of the company's stock, valued at $45,640,933.38. This trade represents a 0.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Credo Technology Group Stock Up 2.2 %

Shares of NASDAQ CRDO traded up $1.47 during trading on Friday, reaching $68.51. 6,446,715 shares of the stock were exchanged, compared to its average volume of 2,490,844. The business's 50-day moving average price is $49.53 and its 200 day moving average price is $36.66. The company has a market capitalization of $11.46 billion, a price-to-earnings ratio of -456.73 and a beta of 2.26. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $78.97.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. Fifth Third Bancorp lifted its stake in shares of Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company's stock worth $34,000 after acquiring an additional 400 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Credo Technology Group by 62.7% in the second quarter. Bank of New York Mellon Corp now owns 654,773 shares of the company's stock worth $20,913,000 after purchasing an additional 252,349 shares during the period. RiverPark Advisors LLC bought a new stake in Credo Technology Group during the second quarter valued at $175,000. Panagora Asset Management Inc. raised its holdings in shares of Credo Technology Group by 12.0% during the second quarter. Panagora Asset Management Inc. now owns 597,793 shares of the company's stock worth $19,094,000 after purchasing an additional 63,875 shares during the period. Finally, F M Investments LLC bought a new position in shares of Credo Technology Group in the 2nd quarter worth about $638,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CRDO has been the subject of several research reports. Susquehanna initiated coverage on shares of Credo Technology Group in a research note on Tuesday. They set a "neutral" rating and a $80.00 price objective for the company. Roth Mkm upped their price target on Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a research note on Tuesday, October 22nd. The Goldman Sachs Group boosted 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. Stifel Nicolaus restated a "buy" rating and issued a $75.00 price target (up previously from $50.00) on shares of Credo Technology Group in a report on Tuesday, December 3rd. Finally, Needham & Company LLC boosted their price objective on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a "buy" rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Credo Technology Group currently has an average rating of "Moderate Buy" and an average target price of $68.60.

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.

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