Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells $10,903,500.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 150,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $72.69, for a total value of $10,903,500.00. Following the completion of the sale, the director now directly owns 963,725 shares in the company, valued at approximately $70,053,170.25. The trade was a 13.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Monday, January 6th, Lip Bu Tan sold 150,000 shares of Credo Technology Group stock. The shares were sold at an average price of $76.09, for a total transaction of $11,413,500.00.
• 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.

Credo Technology Group Price Performance

Shares of CRDO opened at $80.02 on Friday. The firm has a market capitalization of $13.38 billion, a P/E ratio of -533.47 and a beta of 2.11. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $82.00. The business has a fifty day moving average of $62.88 and a 200 day moving average of $43.08.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC grew its position in Credo Technology Group by 8.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $225,000 after buying an additional 255 shares during the period. Assetmark Inc. increased its stake in shares of Credo Technology Group by 5.4% in the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock worth $153,000 after purchasing an additional 257 shares in the last quarter. GAMMA Investing LLC raised its holdings in Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after purchasing an additional 351 shares during the period. Advisors Asset Management Inc. lifted its position in Credo Technology Group by 11.3% during the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock valued at $145,000 after purchasing an additional 478 shares in the last quarter. Finally, US Bancorp DE increased its position in Credo Technology Group by 4.2% in the third quarter. US Bancorp DE now owns 16,210 shares of the company’s stock worth $499,000 after buying an additional 649 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CRDO. Barclays upped their price target on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday. Mizuho upped their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Roth Mkm raised 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 note on Tuesday, October 22nd. 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. Finally, TD Cowen boosted their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $76.40.

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.