Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells 150,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 150,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $72.69, for a total transaction of $10,903,500.00. Following the completion of the transaction, the director now owns 963,725 shares in the company, valued at $70,053,170.25. This represents a 13.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Lip Bu Tan also recently made the following trade(s):

• On Monday, January 6th, Lip Bu Tan sold 150,000 shares of Credo Technology Group stock. The shares were sold at an average price of $76.09, for a total transaction of $11,413,500.00.
• On Thursday, December 5th, Lip Bu Tan sold 3,799 shares of Credo Technology Group stock. The stock was sold at an average price of $70.73, for a total value of $268,703.27.

Credo Technology Group Price Performance

Shares of CRDO opened at $75.60 on Friday. The company’s 50-day moving average is $62.23 and its 200-day moving average is $42.66. The firm has a market capitalization of $12.64 billion, a PE ratio of -504.00 and a beta of 2.11. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $78.97.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors have recently made changes to their positions in the company. Assetmark Inc. lifted its holdings in shares of Credo Technology Group by 5.4% during the third quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock worth $153,000 after buying 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. US Bancorp DE boosted its holdings in Credo Technology Group by 4.2% in the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company’s stock valued at $499,000 after purchasing an additional 649 shares during the period. Finally, PDT Partners LLC grew its position in shares of Credo Technology Group by 0.7% during the 3rd quarter. PDT Partners LLC now owns 88,720 shares of the company’s stock worth $2,733,000 after purchasing an additional 652 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CRDO. Craig Hallum increased their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Roth Mkm upped their target price on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Mizuho raised their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Stifel Nicolaus lifted their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Finally, TD Cowen increased their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Credo Technology Group currently has an average rating of “Moderate Buy” and an average target price of $75.40.

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.