Credo Technology Group Holding Ltd (NASDAQ:CRDO) CEO William Joseph Brennan Sells 143,880 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CEO William Joseph Brennan sold 143,880 shares of the stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the completion of the transaction, the chief executive officer now directly owns 2,370,858 shares in the company, valued at $160,388,543.70. The trade was a 5.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Credo Technology Group Stock Down 1.1 %

Shares of Credo Technology Group stock opened at $66.26 on Wednesday. The company has a market capitalization of $11.08 billion, a price-to-earnings ratio of -441.73 and a beta of 2.26. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $75.32. The firm’s 50-day moving average price is $44.29 and its two-hundred day moving average price is $34.49.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. The Goldman Sachs Group increased their price objective 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. Roth Mkm increased their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. TD Cowen increased their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Needham & Company LLC increased their price objective on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Finally, Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and upped their price target for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Buy” and an average target price of $67.33.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently bought and sold shares of CRDO. Allworth Financial LP grew its stake in Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after buying an additional 771 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new stake in Credo Technology Group during the second quarter worth about $29,000. Rakuten Securities Inc. acquired a new stake in Credo Technology Group during the third quarter worth about $30,000. Fifth Third Bancorp grew its stake in Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after buying an additional 400 shares in the last quarter. Finally, Brown Brothers Harriman & Co. grew its stake in Credo Technology Group by 695.1% during the third 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 in the last quarter. 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 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.