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 business’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $49.77, for a total transaction of $2,737,350.00. Following the completion of the transaction, the chief technology officer now directly owns 8,048,602 shares in the company, valued at $400,578,921.54. This represents a 0.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through 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 value of $4,834,200.00.
• 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 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 Stock Performance

CRDO stock opened at $44.95 on Thursday. The stock’s 50 day moving average price is $62.03 and its 200 day moving average price is $53.50. The firm has a market cap of $7.63 billion, a P/E ratio of -299.67 and a beta of 2.16. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $86.69.

Wall Street Analysts Forecast Growth

CRDO has been the topic of a number of recent analyst reports. TD Cowen upped their price target 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. Craig Hallum upped their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Needham & Company LLC reissued a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Finally, Bank of America dropped their price objective on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $74.90.

Institutional Trading of Credo Technology Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Natixis Advisors LLC increased its position in Credo Technology Group by 3.3% during the 3rd quarter. Natixis Advisors LLC now owns 28,833 shares of the company’s stock worth $888,000 after purchasing an additional 934 shares in the last quarter. Swiss National Bank grew its holdings in shares of Credo Technology Group by 0.4% during the third quarter. Swiss National Bank now owns 274,116 shares of the company’s stock worth $8,443,000 after buying an additional 1,100 shares in the last quarter. Advisors Asset Management Inc. raised its position in shares of Credo Technology Group by 11.3% in the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock valued at $145,000 after buying an additional 478 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of Credo Technology Group during the third quarter valued at approximately $1,311,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Credo Technology Group by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after acquiring an additional 95,335 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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.