Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells $3,182,850.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $57.87, for a total transaction of $3,182,850.00. Following the sale, the chief technology officer now owns 8,213,602 shares in the company, valued at $475,321,147.74. This trade represents a 0.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

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

• On Tuesday, January 21st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $80.57, for a total transaction of $4,834,200.00.
• On Tuesday, January 14th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $69.57, for a total transaction of $4,174,200.00.
• On Wednesday, January 8th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $72.09, for a total transaction of $4,325,400.00.
• 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 shares were 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 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 transaction of $2,605,350.00.

Credo Technology Group Stock Performance

Shares of CRDO stock opened at $70.02 on Friday. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69. The company has a market capitalization of $11.71 billion, a price-to-earnings ratio of -466.80 and a beta of 2.11. The company has a 50-day simple moving average of $68.45 and a 200 day simple moving average of $45.80.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its holdings in Credo Technology Group by 8.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $225,000 after buying an additional 255 shares in the last quarter. Assetmark Inc. grew its stake in shares of Credo Technology Group by 5.4% in the third quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after acquiring an additional 257 shares in the last quarter. GAMMA Investing LLC increased its position in Credo Technology Group by 56.3% during the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after acquiring an additional 351 shares during the period. Advisors Asset Management Inc. raised its stake in Credo Technology Group by 11.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock worth $145,000 after purchasing an additional 478 shares in the last quarter. Finally, Kestra Investment Management LLC acquired a new position in shares of Credo Technology Group during the 4th quarter worth approximately $38,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their price objective for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. Mizuho lifted their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Stifel Nicolaus lifted their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. TD Cowen raised their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Finally, Roth Mkm increased their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.40.

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.