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 Credo Technology Group stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $28.22, for a total value of $1,552,100.00. Following the sale, the chief technology officer now directly owns 9,058,602 shares of the company’s stock, valued at approximately $255,633,748.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Tuesday, September 3rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $32.06, for a total value of $1,763,300.00.
• On Monday, August 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $31.08, for a total transaction of $1,709,400.00.
• On Friday, August 9th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $27.33, for a total transaction of $1,503,150.00.
• On Thursday, August 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $26.85, for a total transaction of $1,476,750.00.
• On Friday, July 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $29.30, for a total value of $1,611,500.00.
• On Thursday, July 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $30.63, for a total value of $1,684,650.00.
• On Friday, June 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $27.49, for a total value of $1,511,950.00.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO traded down $0.52 during midday trading on Tuesday, reaching $27.24. 2,059,391 shares of the company’s stock traded hands, compared to its average volume of 2,231,935. Credo Technology Group Holding Ltd has a one year low of $13.38 and a one year high of $36.80. The stock has a 50 day moving average of $29.80 and a 200 day moving average of $25.10. The company has a market cap of $4.50 billion, a price-to-earnings ratio of -154.22 and a beta of 2.26.

Institutional Trading of Credo Technology Group

A number of institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP bought a new position in Credo Technology Group during the fourth quarter valued at approximately $35,224,000. Vanguard Group Inc. grew its position in Credo Technology Group by 11.3% in the 4th quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock worth $272,414,000 after purchasing an additional 1,420,664 shares during the period. TimesSquare Capital Management LLC purchased a new stake in Credo Technology Group during the 1st quarter valued at $22,535,000. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Credo Technology Group by 290.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company’s stock valued at $25,096,000 after buying an additional 881,344 shares during the period. Finally, Westfield Capital Management Co. LP purchased a new position in shares of Credo Technology Group in the 1st quarter worth $17,847,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Roth Mkm increased their price target on shares of Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Stifel Nicolaus raised their target price on Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Barclays upped their price target on Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. TD Cowen raised shares of Credo Technology Group to a “strong-buy” rating in a research note on Monday. Finally, The Goldman Sachs Group increased their price objective on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, September 6th. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $34.00.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.