Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells $11,413,500.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $76.09, for a total value of $11,413,500.00. Following the completion of the sale, the director now owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. This trade represents a 11.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Lip Bu Tan also recently made the following trade(s):

• On Thursday, December 5th, Lip Bu Tan sold 3,799 shares of Credo Technology Group stock. The stock was sold at an average price of $70.73, for a total transaction of $268,703.27.
• On Monday, October 14th, Lip Bu Tan sold 15,281 shares of Credo Technology Group stock. The shares were sold at an average price of $39.05, for a total transaction of $596,723.05.
• On Friday, October 11th, Lip Bu Tan sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $38.16, for a total transaction of $3,816,000.00.

Credo Technology Group Stock Performance

Shares of CRDO opened at $73.02 on Friday. The company has a market capitalization of $12.21 billion, a price-to-earnings ratio of -486.80 and a beta of 2.11. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $78.97. The company’s 50 day simple moving average is $58.54 and its 200 day simple moving average is $40.96.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of research reports. Craig Hallum upped their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. TD Cowen raised 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. Needham & Company LLC boosted their price objective on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Mizuho raised their target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Finally, Stifel Nicolaus upped their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday. One 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 has a consensus rating of “Moderate Buy” and a consensus price target of $69.10.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Diversified Trust Co lifted its position in Credo Technology Group by 35.6% during the fourth quarter. Diversified Trust Co now owns 37,894 shares of the company’s stock worth $2,547,000 after buying an additional 9,940 shares during the period. Everence Capital Management Inc. acquired a new stake in shares of Credo Technology Group in the fourth quarter worth approximately $252,000. GAMMA Investing LLC grew its holdings in Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after purchasing an additional 351 shares during the period. JPMorgan Chase & Co. increased its position in Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after purchasing an additional 909,578 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Credo Technology Group by 22.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after buying an additional 368,518 shares during the last quarter. Hedge funds and other institutional investors 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.