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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Friday, December 20th. The shares were sold at an average price of $68.04, for a total value of $3,742,200.00. Following the transaction, the chief technology officer now owns 8,508,602 shares in the company, valued at approximately $578,925,280.08. This trade represents a 0.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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

• On Monday, December 2nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were 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 stock was sold at an average price of $47.37, for a total transaction 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 transaction of $2,158,200.00.
• On Friday, October 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $38.41, for a total transaction of $2,112,550.00.
• On Thursday, October 3rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $31.07, for a total value of $1,708,850.00.

Credo Technology Group Stock Up 1.1 %

Shares of NASDAQ:CRDO opened at $72.02 on Friday. 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 $12.04 billion, a P/E ratio of -480.13 and a beta of 2.26. The firm has a fifty day moving average of $52.13 and a two-hundred day moving average of $37.97.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CRDO shares. TD Cowen increased their price target on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and raised their target price for the stock from $27.00 to $80.00 in a report on Tuesday, December 3rd. Susquehanna started coverage on shares of Credo Technology Group in a report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price target on the stock. Roth Mkm raised their price objective 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. Finally, The Goldman Sachs Group boosted their target price on shares of Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Credo Technology Group currently has an average rating of “Moderate Buy” and an average target price of $68.60.

Institutional Trading of Credo Technology Group

A number of institutional investors have recently bought and sold shares of the company. Swedbank AB raised its stake in shares of Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in Credo Technology Group by 73.6% in the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after buying an additional 1,660,230 shares during the last quarter. FMR LLC lifted its stake in Credo Technology Group by 731.6% in the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after acquiring an additional 1,013,789 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after purchasing an additional 909,578 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Credo Technology Group by 32.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after acquiring an additional 705,512 shares in the last quarter. Institutional investors and hedge funds 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.