Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CFO Sells 3,790 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CFO Daniel W. Fleming sold 3,790 shares of the firm’s stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $40.75, for a total transaction of $154,442.50. Following the completion of the transaction, the chief financial officer now directly owns 608,602 shares in the company, valued at approximately $24,800,531.50. The trade was a 0.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Credo Technology Group Stock Performance

NASDAQ CRDO traded up $0.08 during trading hours on Tuesday, reaching $39.18. 2,426,950 shares of the company’s stock were exchanged, compared to its average volume of 3,498,261. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $86.69. The company’s 50-day moving average is $51.73 and its two-hundred day moving average is $54.64. The company has a market capitalization of $6.65 billion, a price-to-earnings ratio of -261.20 and a beta of 2.30.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently made changes to their positions in CRDO. Kestra Investment Management LLC bought a new position in Credo Technology Group during the 4th quarter worth about $38,000. WASHINGTON TRUST Co acquired a new position in shares of Credo Technology Group during the fourth quarter worth about $43,000. Principal Securities Inc. grew its holdings in shares of Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after buying an additional 576 shares in the last quarter. Quarry LP acquired a new stake in Credo Technology Group in the 4th quarter valued at approximately $58,000. Finally, Plato Investment Management Ltd bought a new stake in Credo Technology Group in the 4th quarter valued at approximately $61,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CRDO shares. Bank of America reduced their price target on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Stifel Nicolaus raised their target price on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Finally, Barclays boosted their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $74.60.

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.