Lip Bu Tan Sells 150,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 150,000 shares of the firm’s 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 transaction, the director now directly owns 963,725 shares of the company’s stock, valued at $70,053,170.25. This represents a 13.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

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 value 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

NASDAQ CRDO opened at $80.02 on Friday. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $82.00. The stock has a market capitalization of $13.38 billion, a price-to-earnings ratio of -533.47 and a beta of 2.11. The business’s fifty day moving average price is $62.88 and its 200-day moving average price is $43.00.

Analyst Ratings Changes

A number of brokerages recently issued reports on CRDO. Needham & Company LLC upped their price target 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. Mizuho upped their target price 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. Barclays increased their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday. Susquehanna initiated coverage on shares of Credo Technology Group in a report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price objective for the company. Finally, Roth Mkm increased their target price on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $76.40.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its position 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 purchasing an additional 242,428 shares during the last quarter. Renaissance Technologies LLC grew its position in 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 buying an additional 78,700 shares during the period. Edgestream Partners L.P. purchased a new stake in Credo Technology Group during the second quarter valued at approximately $869,000. Andar Capital Management HK Ltd bought a new position in Credo Technology Group in the second quarter worth approximately $2,012,000. Finally, CloudAlpha Capital Management Limited Hong Kong purchased a new position in shares of Credo Technology Group during the 2nd quarter worth $3,654,000. Institutional investors own 80.46% of the company’s stock.

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.