Credo Technology Group (NASDAQ:CRDO) Trading Down 4.1% After Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares were down 4.1% during trading on Friday following insider selling activity. The stock traded as low as $68.21 and last traded at $69.08. Approximately 570,198 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 2,478,663 shares. The stock had previously closed at $72.02.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Friday, December 20th. The shares were sold at an average price of $68.04, for a total transaction of $3,742,200.00. Following the transaction, the chief technology officer now owns 8,508,602 shares in the company, valued at approximately $578,925,280.08. The trade was a 0.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Pantas Sutardja sold 21,041 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $68.19, for a total value of $1,434,785.79. Following the completion of the sale, the director now owns 5,904,277 shares of the company’s stock, valued at $402,612,648.63. The trade was a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $68.03, for a total value of $6,803,000.00. Following the sale, the chief operating officer now owns 400,000 shares in the company, valued at approximately $27,212,000. The trade was a 20.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Analyst Upgrades and Downgrades

CRDO has been the subject of a number of recent analyst reports. Susquehanna began coverage on shares of Credo Technology Group in a research report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 target price for the company. Craig Hallum upped their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Barclays lifted their price objective on Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. The Goldman Sachs Group upped their target price on Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Finally, TD Cowen increased their price target on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus price target of $68.60.

Credo Technology Group Price Performance

The company has a market cap of $11.36 billion, a PE ratio of -453.00 and a beta of 2.26. The company’s fifty day moving average price is $52.82 and its 200 day moving average price is $38.21.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its position in Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after buying an additional 909,578 shares during the period. Point72 Asset Management L.P. grew its holdings in Credo Technology Group by 73.6% during the third 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. Driehaus Capital Management LLC increased its position in Credo Technology Group by 3.1% in the second quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock worth $121,097,000 after buying an additional 115,271 shares during the last quarter. Swedbank AB raised its stake in shares of Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after buying an additional 2,961,454 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Credo Technology Group by 5.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after buying an additional 170,412 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

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.