Credo Technology Group (NASDAQ:CRDO) Trading Down 4.1% on Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price traded down 4.1% during trading on Friday after an insider sold shares in the company. The stock traded as low as $68.21 and last traded at $69.08. 570,198 shares traded hands during trading, a decline of 77% from the average session volume of 2,478,663 shares. The stock had previously closed at $72.02.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Friday, December 20th. The stock was sold at an average price of $68.04, for a total transaction of $3,742,200.00. Following the sale, the chief technology officer now owns 8,508,602 shares of the company’s stock, valued at $578,925,280.08. The trade was a 0.64 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Pantas Sutardja sold 21,041 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $68.19, for a total transaction of $1,434,785.79. Following the completion of the sale, the director now directly owns 5,904,277 shares of the company’s stock, valued at approximately $402,612,648.63. This represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $68.03, for a total transaction of $6,803,000.00. Following the sale, the chief operating officer now owns 400,000 shares of the company’s stock, valued at $27,212,000. The trade was a 20.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CRDO shares. Needham & Company LLC raised their target price on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Mizuho lifted their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Barclays upped their target price on Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. TD Cowen increased their price objective on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Finally, Roth Mkm lifted their target price on shares of 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 equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $68.60.

Credo Technology Group Price Performance

The business has a 50 day moving average price of $53.46 and a 200 day moving average price of $38.49. The firm has a market capitalization of $11.59 billion, a P/E ratio of -461.93 and a beta of 2.26.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CRDO. Allworth Financial LP grew its holdings in shares of Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after purchasing an additional 771 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new stake in Credo Technology Group during the 2nd quarter valued at $29,000. Rakuten Securities Inc. bought a new position in shares of Credo Technology Group in the third quarter valued at about $30,000. Brown Brothers Harriman & Co. lifted its position in shares of Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after purchasing an additional 1,001 shares in the last quarter. Finally, Cranbrook Wealth Management LLC acquired a new position in Credo Technology Group during the 2nd quarter worth $51,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.