Daniel W. Fleming Sells 3,790 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CFO Daniel W. Fleming sold 3,790 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $69.93, for a total value of $265,034.70. Following the completion of the transaction, the chief financial officer now owns 652,666 shares in the company, valued at $45,640,933.38. This represents a 0.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Credo Technology Group Stock Up 2.2 %

Shares of Credo Technology Group stock opened at $68.51 on Friday. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $78.97. The stock has a market capitalization of $11.46 billion, a P/E ratio of -456.73 and a beta of 2.26. The stock has a 50 day moving average price of $50.14 and a two-hundred day moving average price of $37.05.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CRDO shares. Stifel Nicolaus reiterated a “buy” rating and issued a $75.00 target price (up previously from $50.00) on shares of Credo Technology Group in a research report on Tuesday, December 3rd. The Goldman Sachs Group lifted their price objective on Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Barclays upped their target price on Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Needham & Company LLC boosted their price target 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. Finally, Craig Hallum raised their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $68.60.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Allworth Financial LP boosted its holdings in Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after acquiring an additional 771 shares during the period. Arcadia Investment Management Corp MI acquired a new position in shares of Credo Technology Group during the 2nd quarter worth about $29,000. Rakuten Securities Inc. bought a new stake in Credo Technology Group during the 3rd quarter valued at approximately $30,000. Fifth Third Bancorp grew its holdings in Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after buying an additional 400 shares during the last quarter. Finally, Brown Brothers Harriman & Co. increased its position in Credo Technology Group by 695.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after buying an additional 1,001 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.