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, September 23rd. The stock was sold at an average price of $29.67, for a total transaction of $1,631,850.00. Following the completion of the transaction, the chief technology officer now directly owns 9,003,602 shares in the company, valued at approximately $267,136,871.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Friday, September 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $28.22, for a total transaction of $1,552,100.00.
• On Tuesday, September 3rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $32.06, for a total transaction of $1,763,300.00.
• On Monday, August 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $31.08, for a total value of $1,709,400.00.
• On Friday, August 9th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $27.33, for a total value of $1,503,150.00.
• On Thursday, August 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $26.85, for a total value of $1,476,750.00.
• On Friday, July 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $29.30, for a total transaction of $1,611,500.00.
• On Thursday, July 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $30.63, for a total transaction of $1,684,650.00.

Credo Technology Group Trading Up 0.7 %

Shares of NASDAQ:CRDO opened at $31.45 on Friday. The company has a market capitalization of $5.20 billion, a PE ratio of -174.72 and a beta of 2.26. Credo Technology Group Holding Ltd has a 12-month low of $13.38 and a 12-month high of $36.80. The business’s fifty day simple moving average is $29.44 and its 200-day simple moving average is $25.46.

Institutional Trading of Credo Technology Group

A number of institutional investors have recently modified their holdings of the company. AMF Tjanstepension AB lifted its position in Credo Technology Group by 31.8% during the first quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock valued at $36,302,000 after acquiring an additional 413,149 shares during the last quarter. Thornburg Investment Management Inc. lifted its holdings in shares of Credo Technology Group by 37.1% during the 1st quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock valued at $5,029,000 after purchasing an additional 64,177 shares during the last quarter. Capstone Investment Advisors LLC acquired a new stake in shares of Credo Technology Group in the 1st quarter worth $2,732,000. Swiss National Bank boosted its position in shares of Credo Technology Group by 14.7% in the 1st quarter. Swiss National Bank now owns 254,416 shares of the company’s stock worth $5,391,000 after purchasing an additional 32,600 shares in the last quarter. Finally, Castleark Management LLC acquired a new position in Credo Technology Group during the 1st quarter valued at about $3,876,000. 80.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CRDO has been the subject of a number of analyst reports. Stifel Nicolaus raised their price target on Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Bank of America raised their target price on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a report on Thursday, September 5th. Needham & Company LLC increased their price objective on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Craig Hallum boosted their target price on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Finally, Barclays upped their target price on Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $34.00.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.