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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 60,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $80.57, for a total transaction of $4,834,200.00. Following the transaction, the chief technology officer now directly owns 8,268,602 shares of the company’s stock, valued at $666,201,263.14. This represents a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

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

• 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.
• On Wednesday, January 8th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $72.09, for a total value of $4,325,400.00.
• On Thursday, January 2nd, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was 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 shares were 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 value of $2,671,350.00.
• On Friday, November 8th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $47.37, for a total transaction of $2,605,350.00.

Credo Technology Group Trading Down 1.5 %

NASDAQ CRDO traded down $1.32 during trading hours on Thursday, reaching $84.18. The company had a trading volume of 3,276,256 shares, compared to its average volume of 4,384,490. The stock has a market capitalization of $14.08 billion, a P/E ratio of -561.20 and a beta of 2.11. The stock has a 50-day moving average of $65.04 and a 200 day moving average of $44.15. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $86.69.

Institutional Trading of Credo Technology Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. Fortitude Advisory Group L.L.C. purchased a new position in shares of Credo Technology Group in the 4th quarter valued at about $349,000. Pacer Advisors Inc. raised its holdings in Credo Technology Group by 30.2% in the fourth quarter. Pacer Advisors Inc. now owns 3,906 shares of the company’s stock valued at $263,000 after acquiring an additional 907 shares in the last quarter. KBC Group NV lifted its stake in Credo Technology Group by 48.1% in the fourth quarter. KBC Group NV now owns 5,661 shares of the company’s stock worth $380,000 after acquiring an additional 1,839 shares during the last quarter. Wesbanco Bank Inc. grew its holdings in Credo Technology Group by 25.7% during the 4th quarter. Wesbanco Bank Inc. now owns 19,535 shares of the company’s stock worth $1,313,000 after acquiring an additional 4,000 shares in the last quarter. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of Credo Technology Group in the 4th quarter valued at approximately $353,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Mizuho lifted their price target on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Barclays raised their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Roth Mkm upped their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Craig Hallum boosted their target price on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Finally, The Goldman Sachs Group increased their price target on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.40.

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.