Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells 21,041 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Pantas Sutardja sold 21,041 shares of Credo Technology Group stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $68.19, for a total transaction of $1,434,785.79. Following the transaction, the director now directly owns 5,904,277 shares of the company’s stock, valued at $402,612,648.63. This represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $69.29 on Friday. The firm has a fifty day moving average of $52.82 and a two-hundred day moving average of $38.21. The stock has a market capitalization of $11.59 billion, a price-to-earnings ratio of -461.93 and a beta of 2.26. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $78.97.

Institutional Trading of Credo Technology Group

Several institutional investors and hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. raised its position in shares of Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after acquiring an additional 909,578 shares during the last quarter. Point72 Asset Management L.P. raised its position in shares of Credo Technology Group by 73.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after acquiring an additional 1,660,230 shares during the last quarter. Driehaus Capital Management LLC raised its position in shares of Credo Technology Group by 3.1% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock valued at $121,097,000 after acquiring an additional 115,271 shares during the last quarter. Swedbank AB raised its position in shares of Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after acquiring an additional 2,961,454 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Credo Technology Group by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after buying an additional 170,412 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. The Goldman Sachs Group boosted their target price on Credo Technology Group from $31.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Roth Mkm upped their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Stifel Nicolaus reiterated a “buy” rating and set a $75.00 target price (up from $50.00) on shares of Credo Technology Group in a research report on Tuesday, December 3rd. Needham & Company LLC raised their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, TD Cowen increased their price objective on Credo Technology Group from $45.00 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 issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $68.60.

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.