Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Sells 10,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 10,000 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $80.59, for a total transaction of $805,900.00. Following the transaction, the chief operating officer now directly owns 2,825,621 shares in the company, valued at $227,716,796.39. This trade represents a 0.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Friday, January 10th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $73.26, for a total value of $7,326,000.00.
• On Monday, December 30th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $69.52, for a total value of $6,952,000.00.
• 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 value of $6,803,000.00.

Credo Technology Group Trading Down 1.5 %

Shares of CRDO opened at $84.18 on Friday. The stock has a 50 day moving average of $65.04 and a 200 day moving average of $44.15. The company has a market capitalization of $14.08 billion, a price-to-earnings ratio of -561.20 and a beta of 2.11. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $86.69.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its holdings in shares of Credo Technology Group by 13.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company’s stock worth $67,473,000 after buying an additional 242,428 shares during the last quarter. Hsbc Holdings PLC boosted its stake in Credo Technology Group by 48.2% in the second quarter. Hsbc Holdings PLC now owns 74,199 shares of the company’s stock valued at $2,374,000 after acquiring an additional 24,116 shares during the last quarter. Thrivent Financial for Lutherans grew its position in shares of Credo Technology Group by 110.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 82,653 shares of the company’s stock valued at $2,640,000 after acquiring an additional 43,411 shares during the period. Xponance Inc. purchased a new stake in shares of Credo Technology Group during the 2nd quarter worth approximately $257,000. Finally, Cubist Systematic Strategies LLC raised its holdings in shares of Credo Technology Group by 1.9% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 266,083 shares of the company’s stock worth $8,499,000 after purchasing an additional 4,902 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on CRDO. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price target for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. TD Cowen upped their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Craig Hallum lifted their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Susquehanna assumed coverage on Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price objective for the company. Finally, The Goldman Sachs Group lifted 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. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $76.40.

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.