Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) Insider Sells 8,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) insider James Laufman sold 8,000 shares of the company's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $39.09, for a total transaction of $312,720.00. Following the completion of the transaction, the insider now owns 271,725 shares in the company, valued at approximately $10,621,730.25. This represents a 2.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Credo Technology Group Trading Down 3.2 %

NASDAQ CRDO traded down $1.20 on Friday, reaching $36.52. 2,408,216 shares of the stock were exchanged, compared to its average volume of 3,508,314. The firm has a market capitalization of $6.20 billion, a PE ratio of -243.47 and a beta of 2.30. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $86.69. The company's 50-day simple moving average is $48.58 and its two-hundred day simple moving average is $54.50.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Proficio Capital Partners LLC purchased a new stake in shares of Credo Technology Group during the fourth quarter worth about $700,000. Pacer Advisors Inc. raised its position in shares of Credo Technology Group by 30.2% during the fourth quarter. Pacer Advisors Inc. now owns 3,906 shares of the company's stock valued at $263,000 after buying an additional 907 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Credo Technology Group by 3.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company's stock worth $79,289,000 after acquiring an additional 43,169 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company's stock valued at $61,415,000 after acquiring an additional 368,518 shares during the last quarter. Finally, Vontobel Holding Ltd. lifted its stake in Credo Technology Group by 3.4% in the 4th quarter. Vontobel Holding Ltd. now owns 19,584 shares of the company's stock worth $1,316,000 after purchasing an additional 635 shares in the last quarter. Institutional investors own 80.46% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CRDO. Susquehanna raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Stifel Nicolaus reduced their price objective on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a report on Thursday. Bank of America lowered their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a research note on Wednesday, March 5th. The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research note on Friday, January 10th. Finally, Mizuho lowered their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research report on Thursday, April 3rd. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $73.50.

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.