Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Sells 100,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $69.52, for a total value of $6,952,000.00. Following the completion of the sale, the chief operating officer now owns 300,000 shares in the company, valued at approximately $20,856,000. This trade represents a 25.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

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

• On Friday, December 20th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $68.03, for a total value of $6,803,000.00.
• On Friday, October 11th, Yat Tung Lam sold 10,000 shares of Credo Technology Group stock. The stock was sold at an average price of $38.41, for a total transaction of $384,100.00.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $70.93 on Friday. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $78.97. The company has a market capitalization of $11.86 billion, a price-to-earnings ratio of -472.87 and a beta of 2.26. The business has a fifty day simple moving average of $55.81 and a two-hundred day simple moving average of $39.60.

Wall Street Analysts Forecast Growth

CRDO has been the subject of several recent research reports. Needham & Company LLC raised their target price on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Barclays raised their price objective on Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Mizuho upped their target price on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Roth Mkm raised their price target on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, TD Cowen upped their price objective on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average price target of $68.60.

Institutional Trading of Credo Technology Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Swedbank AB boosted its holdings in shares of 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 acquiring an additional 2,961,454 shares during the period. Point72 Asset Management L.P. boosted its stake in Credo Technology Group by 73.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after purchasing an additional 1,660,230 shares during the period. FMR LLC boosted its stake in Credo Technology Group by 731.6% in the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after purchasing an additional 1,013,789 shares during the period. JPMorgan Chase & Co. increased its position in Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after buying an additional 909,578 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in shares of Credo Technology Group by 32.7% during 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. 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.