Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells $1,434,785.79 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Pantas Sutardja sold 21,041 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $68.19, for a total transaction 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. The trade was a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Credo Technology Group Stock Performance

CRDO opened at $69.29 on Friday. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $78.97. The company’s 50 day simple moving average is $53.46 and its 200 day simple moving average is $38.56. The stock has a market capitalization of $11.59 billion, a PE ratio of -461.93 and a beta of 2.26.

Institutional Trading of Credo Technology Group

Several institutional investors have recently made changes to their positions in CRDO. Point72 Hong Kong Ltd purchased a new position in shares of Credo Technology Group in the 3rd quarter worth $3,948,000. Wellington Management Group LLP raised its holdings in shares of Credo Technology Group by 32.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Credo Technology Group by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after purchasing an additional 95,335 shares in the last quarter. Centiva Capital LP purchased a new stake in shares of Credo Technology Group during the 3rd quarter worth about $553,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Credo Technology Group by 94.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock worth $7,507,000 after purchasing an additional 118,169 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CRDO. 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 report on Tuesday, October 22nd. Barclays raised their price target on Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Susquehanna started coverage on Credo Technology Group in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price objective on the stock. Craig Hallum lifted their price objective on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Finally, Mizuho raised their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and an average price target of $68.60.

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.