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 business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $49.77, for a total value of $2,737,350.00. Following the transaction, the chief technology officer now directly owns 8,048,602 shares in the company, valued at approximately $400,578,921.54. This trade represents a 0.68 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• 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 value 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 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 stock was 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 transaction of $4,325,400.00.
• 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 value of $4,153,200.00.

Credo Technology Group Trading Down 4.5 %

Shares of Credo Technology Group stock opened at $40.51 on Friday. The company has a market cap of $6.88 billion, a PE ratio of -270.07 and a beta of 2.16. The company has a 50 day moving average of $60.57 and a 200-day moving average of $53.53. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $86.69.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Barclays boosted their price target on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Mizuho upped their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. TD Cowen raised their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Stifel Nicolaus boosted their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 target price on shares of Credo Technology Group in a report on Wednesday, March 5th. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $74.90.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Natixis Advisors LLC increased its stake in shares of Credo Technology Group by 3.3% in the 3rd quarter. Natixis Advisors LLC now owns 28,833 shares of the company’s stock valued at $888,000 after purchasing an additional 934 shares during the last quarter. Swiss National Bank grew its position in Credo Technology Group by 0.4% in the third quarter. Swiss National Bank now owns 274,116 shares of the company’s stock valued at $8,443,000 after acquiring an additional 1,100 shares during the last quarter. Advisors Asset Management Inc. raised its stake in Credo Technology Group by 11.3% during the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock worth $145,000 after acquiring an additional 478 shares in the last quarter. Intech Investment Management LLC bought a new position in shares of Credo Technology Group in the third quarter worth about $1,311,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Credo Technology Group by 9.2% in 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. 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.