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

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction on Monday, April 28th. The shares were sold at an average price of $42.95, for a total value of $2,362,250.00. Following the sale, the chief technology officer now directly owns 7,718,602 shares of the company's stock, valued at $331,513,955.90. This represents a 0.71 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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

• On Tuesday, April 22nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $36.74, for a total transaction of $2,020,700.00.
• On Wednesday, April 16th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $37.29, for a total transaction of $2,050,950.00.
• On Thursday, April 10th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $38.78, for a total value of $2,132,900.00.
• 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 shares were 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.

Credo Technology Group Price Performance

CRDO stock traded down $0.16 during midday trading on Wednesday, reaching $43.05. 3,017,136 shares of the stock were exchanged, compared to its average volume of 3,561,390. Credo Technology Group Holding Ltd has a 52 week low of $16.91 and a 52 week high of $86.69. The company has a fifty day moving average price of $44.24 and a 200 day moving average price of $54.97. The stock has a market capitalization of $7.31 billion, a PE ratio of -287.00 and a beta of 2.30.

Institutional Trading of Credo Technology Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Credo Technology Group during the 1st quarter worth approximately $27,000. Kestra Investment Management LLC acquired a new position in shares of Credo Technology Group during the fourth quarter worth $38,000. WASHINGTON TRUST Co bought a new stake in shares of Credo Technology Group in the fourth quarter worth $43,000. Principal Securities Inc. raised its position in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock worth $45,000 after purchasing an additional 576 shares during the last quarter. Finally, Optimum Investment Advisors acquired a new position in Credo Technology Group during the 1st quarter worth about $52,000. 80.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on CRDO. The Goldman Sachs Group increased their target price on Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a report on Friday, January 10th. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Barclays dropped their target price on shares of Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Needham & Company LLC reissued a "buy" rating and issued a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. Finally, Bank of America cut their target price on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research note 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. According to MarketBeat.com, Credo Technology Group currently has a consensus rating of "Buy" and an average price target of $71.50.

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.

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