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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 60,000 shares of the stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $72.09, for a total value of $4,325,400.00. Following the completion of the sale, the chief technology officer now owns 8,388,602 shares of the company’s stock, valued at approximately $604,734,318.18. This trade represents a 0.71 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at 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 transaction 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 transaction 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 stock was 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 value of $2,158,200.00.

Credo Technology Group Stock Performance

Shares of CRDO stock opened at $73.80 on Friday. The firm has a market capitalization of $12.34 billion, a PE ratio of -492.00 and a beta of 2.11. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $78.97. The stock has a fifty day moving average of $59.91 and a two-hundred day moving average of $41.50.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors have recently bought and sold shares of CRDO. Point72 Hong Kong Ltd bought a new stake in shares of Credo Technology Group during the 3rd quarter worth about $3,948,000. Wellington Management Group LLP raised its holdings in 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 purchasing an additional 705,512 shares in the last quarter. Centiva Capital LP acquired a new stake in Credo Technology Group in the third quarter worth approximately $553,000. Charles Schwab Investment Management Inc. boosted its stake in Credo Technology Group by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after purchasing an additional 95,335 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Credo Technology Group by 94.1% during 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 valued at $7,507,000 after purchasing an additional 118,169 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Craig Hallum boosted their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Barclays boosted 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. Roth Mkm increased their target price on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. TD Cowen boosted their price target on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, Stifel Nicolaus raised their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. One research 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 stock presently has a consensus rating of “Moderate Buy” and an average target price of $75.40.

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.