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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $47.29, for a total value of $2,600,950.00. Following the sale, the chief technology officer now directly owns 8,103,602 shares in the company, valued at $383,219,338.58. The trade was a 0.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Monday, January 27th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $57.87, for a total value of $3,182,850.00.
• On Tuesday, January 21st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $80.57, for a total value of $4,834,200.00.
• On Tuesday, January 14th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $69.57, for a total value of $4,174,200.00.
• On Wednesday, January 8th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $72.09, for a total value of $4,325,400.00.
• On Thursday, January 2nd, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $69.22, for a total value of $4,153,200.00.
• On Friday, December 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $68.04, for a total value of $3,742,200.00.

Credo Technology Group Stock Up 6.1 %

Credo Technology Group stock opened at $46.77 on Thursday. The business has a fifty day moving average of $64.49 and a two-hundred day moving average of $52.88. The firm has a market cap of $7.94 billion, a P/E ratio of -311.80 and a beta of 2.16. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69.

Analyst Ratings Changes

Several research analysts have issued reports on CRDO shares. The Goldman Sachs Group boosted their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Needham & Company LLC restated a “buy” rating and set a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th. Mizuho boosted their price target on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Bank of America lowered their price target on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Finally, Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $74.90.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently bought and sold shares of CRDO. Swedbank AB lifted its holdings in Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after buying an additional 2,961,454 shares during the period. Norges Bank acquired a new position in shares of Credo Technology Group during the fourth quarter worth $117,242,000. Point72 Asset Management L.P. increased its position in shares of Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after purchasing an additional 1,660,230 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Credo Technology Group by 299.9% during the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock worth $117,011,000 after purchasing an additional 1,305,594 shares in the last quarter. Finally, Polar Capital Holdings Plc increased its position in shares of Credo Technology Group by 382.1% during the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock worth $97,527,000 after purchasing an additional 1,150,084 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.