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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $47.29, for a total value of $2,600,950.00. Following the sale, the chief technology officer now owns 8,103,602 shares in the company, valued at approximately $383,219,338.58. This trade represents a 0.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• 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 value of $3,182,850.00.
• On Tuesday, January 21st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $80.57, for a total transaction of $4,834,200.00.
• 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.

Credo Technology Group Stock Up 6.1 %

Shares of NASDAQ CRDO traded up $2.70 during trading hours on Wednesday, hitting $46.77. The company had a trading volume of 4,627,736 shares, compared to its average volume of 3,187,691. The stock has a market capitalization of $7.94 billion, a P/E ratio of -311.80 and a beta of 2.16. The firm’s 50 day moving average is $65.02 and its 200-day moving average is $52.92. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $86.69.

Analysts Set New Price Targets

Several brokerages recently issued reports on CRDO. Craig Hallum boosted their price objective on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. The Goldman Sachs Group upped their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Mizuho upped their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price objective on shares of Credo Technology Group in a research report on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $74.90.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently made changes to their positions in the business. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Credo Technology Group during the 4th quarter valued at $7,799,000. B. Riley Wealth Advisors Inc. acquired a new position in shares of Credo Technology Group in the fourth quarter valued at $498,000. Mackenzie Financial Corp raised its position in shares of Credo Technology Group by 395.3% in the fourth quarter. Mackenzie Financial Corp now owns 38,144 shares of the company’s stock valued at $2,564,000 after purchasing an additional 30,443 shares during the period. Forum Financial Management LP acquired a new stake in shares of Credo Technology Group during the 4th quarter worth about $253,000. Finally, GTS Securities LLC acquired a new stake in shares of Credo Technology Group during the 4th quarter worth about $323,000. 80.46% of the stock is owned by institutional investors and hedge funds.

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.