Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells 150,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 150,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $72.69, for a total transaction of $10,903,500.00. Following the completion of the sale, the director now directly owns 963,725 shares in the company, valued at $70,053,170.25. This represents a 13.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

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

• On Monday, January 6th, Lip Bu Tan sold 150,000 shares of Credo Technology Group stock. The stock was sold at an average price of $76.09, for a total transaction of $11,413,500.00.
• 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 transaction of $268,703.27.

Credo Technology Group Price Performance

NASDAQ CRDO traded up $0.12 during trading hours on Thursday, reaching $75.60. 4,015,825 shares of the company’s stock traded hands, compared to its average volume of 4,053,472. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $78.97. The firm has a 50-day simple moving average of $61.66 and a 200 day simple moving average of $42.43. The firm has a market cap of $12.64 billion, a PE ratio of -504.00 and a beta of 2.11.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Needham & Company LLC raised their price objective on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Mizuho upped their price target on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. The Goldman Sachs Group boosted their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Barclays raised their price target on Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Finally, Roth Mkm lifted their target price on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average price target of $75.40.

Hedge Funds Weigh In On Credo Technology Group

Large investors have recently made changes to their positions in the business. Allworth Financial LP increased its position in Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after buying an additional 771 shares in the last quarter. Rakuten Securities Inc. purchased a new position in shares of Credo Technology Group in the 3rd quarter worth about $30,000. GAMMA Investing LLC boosted its stake in Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after purchasing an additional 351 shares in the last quarter. Brown Brothers Harriman & Co. grew its position in Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after purchasing an additional 1,001 shares during the last quarter. Finally, Larson Financial Group LLC increased its stake in Credo Technology Group by 240.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after purchasing an additional 1,399 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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.