Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng Sells 60,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $72.09, for a total value of $4,325,400.00. Following the transaction, the chief technology officer now directly owns 8,388,602 shares in the company, valued at approximately $604,734,318.18. This trade represents a 0.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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

• 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 stock was sold at an average price of $68.04, for a total value of $3,742,200.00.
• On Monday, December 2nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $48.57, for a total transaction of $2,671,350.00.
• On Friday, November 8th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $47.37, for a total transaction of $2,605,350.00.
• On Monday, October 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $39.24, for a total transaction of $2,158,200.00.

Credo Technology Group Stock Performance

NASDAQ:CRDO traded up $0.78 during trading hours on Friday, reaching $73.80. The stock had a trading volume of 3,833,945 shares, compared to its average volume of 4,023,099. The stock has a market cap of $12.34 billion, a P/E ratio of -492.00 and a beta of 2.11. The stock has a 50 day simple moving average of $59.24 and a 200 day simple moving average of $41.18. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $78.97.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd purchased a new position in Credo Technology Group during the 3rd quarter valued at about $3,948,000. Wellington Management Group LLP raised its position in shares of Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after buying an additional 705,512 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Credo Technology Group by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after buying an additional 95,335 shares during the period. Centiva Capital LP purchased a new position in Credo Technology Group during the third quarter worth about $553,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Credo Technology Group by 94.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock worth $7,507,000 after acquiring an additional 118,169 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CRDO. Mizuho increased their price objective on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday. TD Cowen raised their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Barclays upped their price objective on shares of Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their target price for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Finally, Needham & Company LLC increased their price target on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $75.40.

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.