Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Pantas Sutardja Sells 21,041 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Pantas Sutardja sold 21,041 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $68.19, for a total value 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 $402,612,648.63. This represents a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Credo Technology Group Stock Performance

Credo Technology Group stock traded up $0.80 during midday trading on Thursday, reaching $72.02. 2,567,592 shares of the company were exchanged, compared to its average volume of 2,484,870. The firm’s 50-day simple moving average is $52.13 and its 200-day simple moving average is $37.97. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $78.97. The company has a market capitalization of $12.04 billion, a price-to-earnings ratio of -480.13 and a beta of 2.26.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Barclays raised 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. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price objective for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. TD Cowen increased their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Stifel Nicolaus restated a “buy” rating and issued a $75.00 price target (up previously from $50.00) on shares of Credo Technology Group in a report on Tuesday, December 3rd. Finally, Susquehanna assumed coverage on Credo Technology Group in a report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price objective for the company. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $68.60.

Institutional Investors Weigh In On Credo Technology Group

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