Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan Sells 150,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 150,000 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the sale, the director now directly owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. This trade represents a 11.87 % 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.

Lip Bu Tan also recently made the following trade(s):

• On Thursday, December 5th, Lip Bu Tan sold 3,799 shares of Credo Technology Group stock. The shares were sold at an average price of $70.73, for a total value of $268,703.27.
• On Monday, October 14th, Lip Bu Tan sold 15,281 shares of Credo Technology Group stock. The stock was sold at an average price of $39.05, for a total value of $596,723.05.
• On Friday, October 11th, Lip Bu Tan sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $38.16, for a total value of $3,816,000.00.

Credo Technology Group Price Performance

CRDO stock opened at $73.02 on Thursday. The company has a 50-day moving average of $57.88 and a two-hundred day moving average of $40.73. The stock has a market capitalization of $12.21 billion, a price-to-earnings ratio of -486.80 and a beta of 2.11. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $78.97.

Institutional Trading of Credo Technology Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Diversified Trust Co raised its stake in Credo Technology Group by 35.6% during the 4th quarter. Diversified Trust Co now owns 37,894 shares of the company’s stock valued at $2,547,000 after purchasing an additional 9,940 shares during the last quarter. Everence Capital Management Inc. bought a new position in shares of Credo Technology Group during the 4th quarter worth about $252,000. GAMMA Investing LLC lifted its stake in shares of Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after buying an additional 351 shares during the period. JPMorgan Chase & Co. increased its stake in Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after acquiring an additional 909,578 shares during the period. Finally, Principal Financial Group Inc. raised its stake in shares of Credo Technology Group by 22.7% in the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after purchasing an additional 368,518 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CRDO shares. The Goldman Sachs Group upped their price objective on shares of Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Needham & Company LLC increased their price objective on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. TD Cowen boosted their target price on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Craig Hallum raised their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Finally, Susquehanna began coverage on Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target for the company. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Credo Technology Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.10.

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.