Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng Sells 60,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $80.57, for a total value of $4,834,200.00. Following the transaction, the chief technology officer now owns 8,268,602 shares of the company’s stock, valued at $666,201,263.14. This represents a 0.72 % decrease in their ownership of the stock. The sale 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 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 value 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 stock was 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 stock was 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 stock was sold at an average price of $47.37, for a total transaction of $2,605,350.00.

Credo Technology Group Trading Down 4.4 %

Shares of Credo Technology Group stock opened at $80.47 on Friday. The company has a fifty day moving average price of $66.70 and a 200 day moving average price of $44.76. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69. The stock has a market cap of $13.46 billion, a price-to-earnings ratio of -536.47 and a beta of 2.11.

Institutional Trading of Credo Technology Group

Institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its holdings in Credo Technology Group by 13.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company’s stock worth $67,473,000 after buying an additional 242,428 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in Credo Technology Group by 48.2% in the 2nd quarter. Hsbc Holdings PLC now owns 74,199 shares of the company’s stock worth $2,374,000 after buying an additional 24,116 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in Credo Technology Group by 110.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 82,653 shares of the company’s stock worth $2,640,000 after buying an additional 43,411 shares in the last quarter. Xponance Inc. acquired a new position in Credo Technology Group in the 2nd quarter worth $257,000. Finally, Cubist Systematic Strategies LLC lifted its holdings in Credo Technology Group by 1.9% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 266,083 shares of the company’s stock worth $8,499,000 after buying an additional 4,902 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on CRDO. Needham & Company LLC lifted their target price on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Roth Mkm boosted their price objective 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. Craig Hallum boosted their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price objective for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Finally, Stifel Nicolaus boosted their price objective 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. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Credo Technology Group presently has a consensus rating of “Moderate Buy” and a consensus target price 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.