Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng Sells 55,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $28.99, for a total value of $1,594,450.00. Following the completion of the transaction, the chief technology officer now owns 9,553,602 shares of the company’s stock, valued at $276,958,921.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Chi Fung Cheng also recently made the following trade(s):

• On Monday, May 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $19.07, for a total value of $1,048,850.00.
• On Friday, May 10th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $17.43, for a total value of $958,650.00.
• On Wednesday, May 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $17.41, for a total value of $957,550.00.
• On Friday, April 19th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $17.31, for a total value of $952,050.00.
• On Thursday, April 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $22.13, for a total value of $1,217,150.00.
• On Monday, April 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $21.31, for a total value of $1,172,050.00.
• On Thursday, March 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $21.93, for a total value of $1,206,150.00.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $28.58 on Tuesday. Credo Technology Group Holding Ltd has a 1-year low of $13.38 and a 1-year high of $29.89. The stock has a market cap of $4.67 billion, a PE ratio of -158.78 and a beta of 2.20. The stock’s fifty day moving average is $20.95 and its two-hundred day moving average is $20.69.

Analyst Ratings Changes

A number of research analysts have commented on the company. TD Cowen upped their price target on Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 28th. Mizuho restated a “buy” rating and set a $30.00 price target (up from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. Bank of America reiterated an “underperform” rating and issued a $22.00 price objective (up from $21.00) on shares of Credo Technology Group in a research note on Thursday, May 30th. The Goldman Sachs Group increased their price objective on Credo Technology Group from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. Finally, Barclays increased their price objective on Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $26.88.

Institutional Trading of Credo Technology Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Castleark Management LLC acquired a new stake in Credo Technology Group in the first quarter valued at $3,876,000. California State Teachers Retirement System raised its stake in Credo Technology Group by 7.7% in the first quarter. California State Teachers Retirement System now owns 128,795 shares of the company’s stock valued at $2,729,000 after buying an additional 9,218 shares in the last quarter. Public Employees Retirement Association of Colorado acquired a new stake in Credo Technology Group in the first quarter valued at $352,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Credo Technology Group by 10.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 69,997 shares of the company’s stock worth $1,484,000 after purchasing an additional 6,813 shares during the last quarter. Finally, Magnetar Financial LLC purchased a new position in shares of Credo Technology Group during the first quarter worth about $278,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.