Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam Sells 100,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $69.52, for a total transaction of $6,952,000.00. Following the completion of the transaction, the chief operating officer now directly owns 300,000 shares of the company’s stock, valued at approximately $20,856,000. This represents a 25.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Yat Tung Lam also recently made the following trade(s):

• On Friday, December 20th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $68.03, for a total transaction of $6,803,000.00.
• On Friday, October 11th, Yat Tung Lam sold 10,000 shares of Credo Technology Group stock. The shares were sold at an average price of $38.41, for a total value of $384,100.00.

Credo Technology Group Trading Down 3.4 %

Shares of NASDAQ CRDO opened at $67.21 on Wednesday. The stock has a 50-day moving average price of $54.60 and a two-hundred day moving average price of $39.18. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $78.97. The company has a market cap of $11.24 billion, a price-to-earnings ratio of -448.07 and a beta of 2.26.

Analyst Ratings Changes

CRDO has been the subject of several research analyst reports. The Goldman Sachs Group boosted their price objective on Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Roth Mkm raised their price objective on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Stifel Nicolaus restated a “buy” rating and issued a $75.00 price target (up from $50.00) on shares of Credo Technology Group in a research note on Tuesday, December 3rd. Susquehanna assumed coverage on shares of Credo Technology Group in a report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 target price on the stock. Finally, Craig Hallum boosted their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $68.60.

Institutional Trading of Credo Technology Group

Several hedge funds and other institutional investors have recently made changes to their positions in CRDO. Swedbank AB grew its stake in shares of Credo Technology Group by 873.9% in the third 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 during the last quarter. Point72 Asset Management L.P. lifted its stake in shares of 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 acquiring an additional 1,660,230 shares during the period. FMR LLC raised its holdings in Credo Technology Group by 731.6% during the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company’s stock worth $35,493,000 after purchasing an additional 1,013,789 shares during the last quarter. JPMorgan Chase & Co. boosted 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 Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after buying an additional 705,512 shares during the last quarter. 80.46% of the stock is currently owned by 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.