Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells 55,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $37.29, for a total value of $2,050,950.00. Following the sale, the chief technology officer now owns 7,828,602 shares in the company, valued at approximately $291,928,568.58. This represents a 0.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Thursday, April 10th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $38.78, for a total transaction of $2,132,900.00.
• On Friday, April 4th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were 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 transaction 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 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 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 transaction of $4,834,200.00.

Credo Technology Group Stock Down 3.2 %

Shares of CRDO opened at $36.52 on Friday. Credo Technology Group Holding Ltd has a 52 week low of $16.91 and a 52 week high of $86.69. The stock has a market cap of $6.20 billion, a P/E ratio of -243.47 and a beta of 2.30. The business’s 50 day moving average price is $48.58 and its 200-day moving average price is $54.66.

Analyst Ratings Changes

A number of equities analysts have commented on CRDO shares. 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. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Mizuho cut their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a report on Thursday, April 3rd. Barclays boosted their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $80.00 target price on shares of Credo Technology Group in a research note on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $73.50.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors have recently modified their holdings of CRDO. Kestra Investment Management LLC bought a new position in Credo Technology Group in the 4th quarter worth about $38,000. WASHINGTON TRUST Co bought a new position in shares of Credo Technology Group in the fourth quarter worth approximately $43,000. Principal Securities Inc. grew its holdings in shares of Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after buying an additional 576 shares during the last quarter. Quarry LP bought a new stake in shares of Credo Technology Group during the fourth quarter valued at approximately $58,000. Finally, Plato Investment Management Ltd purchased a new position in Credo Technology Group in the 4th quarter worth approximately $61,000. 80.46% of the stock is owned by hedge funds and other 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.