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 stock in a transaction dated Thursday, April 10th. The stock was sold at an average price of $38.78, for a total transaction of $2,132,900.00. Following the transaction, the chief technology officer now directly owns 7,883,602 shares in the company, valued at $305,726,085.56. This trade represents a 0.69 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Friday, April 4th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $32.96, for a total value of $1,812,800.00.
• On Monday, March 24th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $49.77, for a total value of $2,737,350.00.
• On Monday, March 17th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $47.29, for a total value of $2,600,950.00.
• On Monday, January 27th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $57.87, for a total transaction 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 transaction 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 transaction of $4,174,200.00.

Credo Technology Group Stock Up 1.0 %

CRDO stock opened at $39.10 on Tuesday. The stock has a 50-day simple moving average of $51.73 and a two-hundred day simple moving average of $54.64. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69. The firm has a market capitalization of $6.64 billion, a PE ratio of -260.67 and a beta of 2.30.

Institutional Trading of Credo Technology Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. Stifel Financial Corp boosted its position in shares of Credo Technology Group by 436.3% during the 3rd quarter. Stifel Financial Corp now owns 127,573 shares of the company’s stock valued at $3,929,000 after acquiring an additional 103,785 shares during the last quarter. Orion Portfolio Solutions LLC raised its stake in Credo Technology Group by 40.6% in the third quarter. Orion Portfolio Solutions LLC now owns 10,190 shares of the company’s stock valued at $314,000 after purchasing an additional 2,945 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Credo Technology Group during the third quarter valued at approximately $614,000. Geode Capital Management LLC increased its holdings in shares of Credo Technology Group by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after buying an additional 170,412 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in shares of Credo Technology Group by 17.9% during the 3rd quarter. Franklin Resources Inc. now owns 73,037 shares of the company’s stock valued at $2,250,000 after buying an additional 11,065 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CRDO. The Goldman Sachs Group raised their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Bank of America dropped their price objective on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Stifel Nicolaus increased their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Mizuho cut their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a report on Thursday, April 3rd. Finally, Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Credo Technology Group currently has an average rating of “Buy” and a consensus price target of $74.60.

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.