Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CFO Sells 3,790 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $72.61, for a total transaction of $275,191.90. Following the completion of the sale, the chief financial officer now directly owns 638,564 shares of the company’s stock, valued at approximately $46,366,132.04. This trade represents a 0.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Credo Technology Group Stock Up 0.2 %

Shares of CRDO stock opened at $75.60 on Friday. 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 moving average of $62.23 and a two-hundred day moving average of $42.66. The stock has a market capitalization of $12.64 billion, a PE ratio of -504.00 and a beta of 2.11.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Swedbank AB boosted its stake in shares of Credo Technology Group by 873.9% in the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after buying an additional 2,961,454 shares during the period. Point72 Asset Management L.P. increased its stake in shares of Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after buying an additional 1,660,230 shares during the period. FMR LLC raised its holdings in Credo Technology Group by 731.6% in the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after acquiring an additional 1,013,789 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after acquiring an additional 909,578 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after acquiring an additional 705,512 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CRDO has been the subject of several analyst reports. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price objective for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. TD Cowen increased their price target on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Mizuho boosted their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. The Goldman Sachs Group increased their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Finally, Craig Hallum boosted their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $75.40.

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.