Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells 55,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $37.29, for a total value of $2,050,950.00. Following the sale, the chief technology officer now owns 7,828,602 shares of the company’s stock, valued at $291,928,568.58. This trade represents a 0.70 % decrease in their position. The transaction 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 Thursday, April 10th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $38.78, for a total transaction of $2,132,900.00.
• On Friday, April 4th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $32.96, for a total value of $1,812,800.00.
• On Monday, March 24th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $49.77, for a total value of $2,737,350.00.
• On Monday, March 17th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $47.29, for a total transaction of $2,600,950.00.
• On Monday, January 27th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $57.87, for a total value of $3,182,850.00.
• On Tuesday, January 21st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $80.57, for a total transaction of $4,834,200.00.

Credo Technology Group Trading Down 3.2 %

NASDAQ CRDO traded down $1.20 during mid-day trading on Friday, reaching $36.52. 2,408,216 shares of the company’s stock traded hands, compared to its average volume of 3,502,990. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $86.69. The company has a fifty day simple moving average of $49.32 and a 200-day simple moving average of $54.45. The company has a market cap of $6.20 billion, a price-to-earnings ratio of -243.47 and a beta of 2.30.

Analyst Ratings Changes

A number of equities research analysts have commented on CRDO shares. Stifel Nicolaus lowered their target price on Credo Technology Group from $85.00 to $69.00 and set a “buy” rating on the stock in a report on Thursday. Mizuho dropped their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research report on Thursday, April 3rd. Needham & Company LLC restated a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Finally, Barclays raised their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $73.50.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently made changes to their positions in CRDO. Kestra Investment Management LLC acquired a new stake in Credo Technology Group in the fourth quarter valued at $38,000. WASHINGTON TRUST Co bought a new position in shares of Credo Technology Group in the 4th quarter worth about $43,000. Principal Securities Inc. boosted its holdings in shares of Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after buying an additional 576 shares during the period. Quarry LP bought a new stake in shares of Credo Technology Group during the 4th quarter valued at about $58,000. Finally, Plato Investment Management Ltd bought a new position in Credo Technology Group in the fourth quarter worth about $61,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.