Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng Sells 55,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Thursday, April 10th. The shares were sold at an average price of $38.78, for a total transaction of $2,132,900.00. Following the completion of the transaction, the chief technology officer now owns 7,883,602 shares in the company, valued at approximately $305,726,085.56. This trade represents a 0.69 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

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

• On Friday, April 4th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $32.96, for a total value of $1,812,800.00.
• On Monday, March 24th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $49.77, for a total value of $2,737,350.00.
• On Monday, March 17th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $47.29, for a total transaction of $2,600,950.00.
• On Monday, January 27th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $57.87, for a total transaction of $3,182,850.00.
• On Tuesday, January 21st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $80.57, for a total value of $4,834,200.00.
• On Tuesday, January 14th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $69.57, for a total value of $4,174,200.00.

Credo Technology Group Stock Up 0.2 %

NASDAQ CRDO opened at $39.18 on Wednesday. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69. The business’s fifty day moving average is $50.92 and its 200 day moving average is $54.53. The company has a market cap of $6.65 billion, a price-to-earnings ratio of -261.20 and a beta of 2.30.

Analysts Set New Price Targets

Several equities analysts have recently commented on CRDO shares. Mizuho dropped their target price on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research report on Thursday, April 3rd. Stifel Nicolaus lifted their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Barclays upped their target price on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Bank of America decreased their price target on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Finally, The Goldman Sachs Group upped their price objective on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Credo Technology Group currently has an average rating of “Buy” and a consensus target price of $74.60.

Institutional Trading of Credo Technology Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank acquired a new stake in Credo Technology Group during the 4th quarter worth approximately $117,242,000. Alliancebernstein L.P. lifted its holdings in shares of Credo Technology Group by 299.9% during the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock worth $117,011,000 after purchasing an additional 1,305,594 shares during the period. Polar Capital Holdings Plc grew its stake in shares of Credo Technology Group by 382.1% in the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock worth $97,527,000 after purchasing an additional 1,150,084 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after purchasing an additional 909,578 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in Credo Technology Group by 441.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company’s stock valued at $65,594,000 after purchasing an additional 795,751 shares during the period. 80.46% of the stock is currently owned by institutional investors.

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.