Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng Sells 55,000 Shares

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, March 24th. The stock was sold at an average price of $49.77, for a total transaction of $2,737,350.00. Following the transaction, the chief technology officer now owns 8,048,602 shares of the company’s stock, valued at approximately $400,578,921.54. The trade was a 0.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

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

• 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 transaction 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.
• On Tuesday, January 14th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were 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 shares were sold at an average price of $72.09, for a total value 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 value of $4,153,200.00.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock traded down $4.23 during trading hours on Wednesday, hitting $44.95. 4,789,888 shares of the company’s stock traded hands, compared to its average volume of 3,225,395. The company has a fifty day simple moving average of $62.64 and a 200-day simple moving average of $53.56. The stock has a market capitalization of $7.63 billion, a price-to-earnings ratio of -299.67 and a beta of 2.16. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69.

Wall Street Analyst Weigh In

CRDO has been the subject of several research reports. Mizuho lifted their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. The Goldman Sachs Group upped their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Craig Hallum raised their target price on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $74.90.

Institutional Trading of Credo Technology Group

A number of large investors have recently added to or reduced their stakes in the stock. Point72 Hong Kong Ltd purchased a new position in Credo Technology Group in the third quarter valued at approximately $3,948,000. Wellington Management Group LLP raised its stake in shares of Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after buying an additional 705,512 shares during the period. Centiva Capital LP bought a new position in Credo Technology Group during the third quarter worth about $553,000. Charles Schwab Investment Management Inc. grew its stake in 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 buying an additional 95,335 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings 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 valued at $7,507,000 after acquiring an additional 118,169 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.