Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Sells $805,900.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $80.59, for a total value of $805,900.00. Following the sale, the chief operating officer now owns 2,825,621 shares in the company, valued at approximately $227,716,796.39. This trade represents a 0.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

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

• On Friday, January 10th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $73.26, for a total transaction of $7,326,000.00.
• On Monday, December 30th, Yat Tung Lam sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $69.52, for a total transaction 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 Price Performance

CRDO stock opened at $80.47 on Friday. The company’s 50-day moving average is $66.70 and its 200-day moving average is $44.86. The stock has a market capitalization of $13.46 billion, a PE ratio of -536.47 and a beta of 2.11. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $86.69.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd bought a new position in shares of Credo Technology Group in the 3rd quarter worth $3,948,000. Wellington Management Group LLP raised its holdings in Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after buying an additional 705,512 shares during the last quarter. Centiva Capital LP bought a new position in shares of Credo Technology Group in the third quarter valued at $553,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Credo Technology Group by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after buying an additional 95,335 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Credo Technology Group by 94.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock worth $7,507,000 after acquiring an additional 118,169 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 commented on CRDO shares. The Goldman Sachs Group lifted their target price on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Susquehanna began coverage on Credo Technology Group in a report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 target price on the stock. Craig Hallum raised their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Finally, Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their target price for the stock from $27.00 to $80.00 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 company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price 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.