Credo Technology Group (NASDAQ:CRDO) Trading Down 4.1% Following Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares were down 4.1% on Friday following insider selling activity. The company traded as low as $68.21 and last traded at $69.08. Approximately 570,198 shares changed hands during trading, a decline of 77% from the average daily volume of 2,478,663 shares. The stock had previously closed at $72.02.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $68.04, for a total transaction of $3,742,200.00. Following the transaction, the chief technology officer now owns 8,508,602 shares in the company, valued at $578,925,280.08. This represents a 0.64 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Pantas Sutardja sold 21,041 shares of the firm’s 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 completion of the sale, the director now owns 5,904,277 shares of the company’s stock, valued at $402,612,648.63. The trade was a 0.36 % decrease in their position. The disclosure for this sale can be found here. In other news, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $68.03, for a total transaction of $6,803,000.00. Following the transaction, the chief operating officer now directly owns 400,000 shares in the company, valued at approximately $27,212,000. This represents a 20.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Roth Mkm boosted their price objective 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 restated a “buy” rating and set a $75.00 target price (up previously from $50.00) on shares of Credo Technology Group in a research report on Tuesday, December 3rd. Susquehanna began coverage on Credo Technology Group in a report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target on the stock. Craig Hallum boosted their price objective on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Finally, The Goldman Sachs Group upped their target price on shares of Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.60.

Credo Technology Group Trading Down 3.8 %

The business has a 50 day moving average price of $52.82 and a 200 day moving average price of $38.21. The company has a market capitalization of $11.59 billion, a P/E ratio of -461.93 and a beta of 2.26.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in shares of Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after buying an additional 909,578 shares during the period. Point72 Asset Management L.P. lifted its holdings in Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after acquiring an additional 1,660,230 shares in the last quarter. Driehaus Capital Management LLC grew its stake in Credo Technology Group by 3.1% in the second 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 period. Swedbank AB increased its holdings in shares of Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after acquiring an additional 2,961,454 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Credo Technology Group by 5.7% during the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after purchasing an additional 170,412 shares during the period. Institutional investors own 80.46% of the company’s stock.

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.