Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Sells 100,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $58.66, for a total transaction of $5,866,000.00. Following the transaction, the chief operating officer now owns 2,825,621 shares in the company, valued at $165,750,927.86. This represents a 3.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Yat Tung Lam also recently made the following trade(s):

• On Tuesday, January 21st, Yat Tung Lam sold 10,000 shares of Credo Technology Group stock. The stock was sold at an average price of $80.59, for a total value of $805,900.00.
• On Friday, January 10th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $73.26, for a total value of $7,326,000.00.
• On Monday, December 30th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $69.52, for a total value of $6,952,000.00.
• On Friday, December 20th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $68.03, for a total transaction of $6,803,000.00.

Credo Technology Group Stock Performance

CRDO opened at $70.02 on Friday. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The firm has a 50-day moving average of $68.45 and a 200 day moving average of $45.80. The firm has a market cap of $11.71 billion, a P/E ratio of -466.80 and a beta of 2.11.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. New York State Common Retirement Fund lifted its stake in Credo Technology Group by 11.2% in the fourth quarter. New York State Common Retirement Fund now owns 60,821 shares of the company’s stock valued at $4,088,000 after purchasing an additional 6,147 shares during the last quarter. Kestra Investment Management LLC bought a new stake in shares of Credo Technology Group in the fourth quarter valued at $38,000. D.A. Davidson & CO. purchased a new position in shares of Credo Technology Group during the 4th quarter valued at $364,000. CIBC Asset Management Inc purchased a new position in shares of Credo Technology Group during the 4th quarter valued at $339,000. Finally, Principal Securities Inc. grew its stake in shares of 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 acquiring an additional 576 shares during the period. 80.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Susquehanna began coverage on shares of Credo Technology Group in a research report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 target price for the company. Barclays increased their price objective on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Stifel Nicolaus lifted their target price on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Craig Hallum increased their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Finally, The Goldman Sachs Group lifted their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $76.40.

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.