Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells $4,174,200.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock in a transaction on Tuesday, January 14th. The stock was sold at an average price of $69.57, for a total value of $4,174,200.00. Following the transaction, the chief technology officer now directly owns 8,328,602 shares of the company’s stock, valued at approximately $579,420,841.14. This represents a 0.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

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

• 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 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 shares were 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 value of $2,671,350.00.
• On Friday, November 8th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $47.37, for a total value of $2,605,350.00.
• On Monday, October 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $39.24, for a total value of $2,158,200.00.

Credo Technology Group Stock Up 0.2 %

Shares of CRDO stock traded up $0.12 during mid-day trading on Thursday, reaching $75.60. The company’s stock had a trading volume of 4,015,825 shares, compared to its average volume of 4,053,472. The company’s 50 day simple moving average is $61.66 and its 200-day simple moving average is $42.43. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $78.97. The firm has a market capitalization of $12.64 billion, a PE ratio of -504.00 and a beta of 2.11.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CRDO. Dimensional Fund Advisors LP raised its holdings in shares of Credo Technology Group by 13.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company’s stock valued at $67,473,000 after buying an additional 242,428 shares during the period. Renaissance Technologies LLC raised its stake in shares of Credo Technology Group by 10.0% during the second quarter. Renaissance Technologies LLC now owns 865,938 shares of the company’s stock valued at $27,658,000 after purchasing an additional 78,700 shares during the period. Edgestream Partners L.P. purchased a new position in shares of Credo Technology Group in the second quarter valued at $869,000. Andar Capital Management HK Ltd acquired a new stake in Credo Technology Group during the 2nd quarter valued at $2,012,000. Finally, CloudAlpha Capital Management Limited Hong Kong purchased a new stake in Credo Technology Group during the 2nd quarter worth $3,654,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CRDO shares. The Goldman Sachs Group boosted their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Mizuho lifted their price target on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. 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 report on Tuesday, December 3rd. Stifel Nicolaus boosted their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, Roth Mkm increased their price target 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. One investment 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, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.40.

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.