Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells $11,413,500.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 150,000 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the sale, the director now directly owns 1,113,725 shares of the company’s stock, valued at approximately $84,743,335.25. This represents a 11.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Lip Bu Tan also recently made the following trade(s):

• On Thursday, December 5th, Lip Bu Tan sold 3,799 shares of Credo Technology Group stock. The shares were sold at an average price of $70.73, for a total transaction of $268,703.27.
• On Monday, October 14th, Lip Bu Tan sold 15,281 shares of Credo Technology Group stock. The shares were sold at an average price of $39.05, for a total transaction of $596,723.05.
• On Friday, October 11th, Lip Bu Tan sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $38.16, for a total transaction of $3,816,000.00.

Credo Technology Group Stock Up 1.1 %

Shares of CRDO opened at $73.80 on Friday. The company’s fifty day moving average is $59.24 and its 200-day moving average is $41.18. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $78.97. The firm has a market cap of $12.34 billion, a price-to-earnings ratio of -492.00 and a beta of 2.11.

Analyst Ratings Changes

CRDO has been the subject of several recent research reports. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and increased their target price for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Susquehanna initiated coverage on shares of Credo Technology Group in a report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price target on the stock. Mizuho boosted their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday. Stifel Nicolaus boosted their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, TD Cowen boosted their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. One equities 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $75.40.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CRDO. Natixis Advisors LLC increased its stake in shares of Credo Technology Group by 19.2% during the 2nd quarter. Natixis Advisors LLC now owns 27,899 shares of the company’s stock worth $891,000 after purchasing an additional 4,501 shares during the last quarter. Rhumbline Advisers increased its stake in shares of Credo Technology Group by 13.1% during the 2nd quarter. Rhumbline Advisers now owns 181,973 shares of the company’s stock worth $5,812,000 after purchasing an additional 21,132 shares during the last quarter. Arizona State Retirement System boosted its holdings in shares of Credo Technology Group by 9.7% during the 2nd quarter. Arizona State Retirement System now owns 38,856 shares of the company’s stock worth $1,241,000 after buying an additional 3,437 shares during the period. Thornburg Investment Management Inc. boosted its holdings in shares of Credo Technology Group by 7.0% during the 2nd quarter. Thornburg Investment Management Inc. now owns 253,986 shares of the company’s stock worth $8,112,000 after buying an additional 16,659 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Credo Technology Group by 13.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company’s stock worth $67,473,000 after buying an additional 242,428 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.