Credo Technology Group Holding Ltd (NASDAQ:CRDO) CFO Daniel W. Fleming Sells 3,790 Shares

by · The Markets Daily

Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Free Report) CFO Daniel W. Fleming sold 3,790 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total transaction of $265,034.70. Following the completion of the sale, the chief financial officer now owns 652,666 shares of the company’s stock, valued at $45,640,933.38. This trade represents a 0.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Credo Technology Group Trading Up 2.2 %

Shares of CRDO stock opened at $68.51 on Friday. The stock has a market capitalization of $11.46 billion, a price-to-earnings ratio of -456.73 and a beta of 2.26. The stock’s 50-day moving average price is $50.14 and its 200-day moving average price is $36.96. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $78.97.

Institutional Trading of Credo Technology Group

Hedge funds have recently modified their holdings of the company. Swedbank AB increased its stake in Credo Technology Group by 873.9% during 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 during the last quarter. Point72 Asset Management L.P. increased its position in shares of Credo Technology Group by 73.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after purchasing an additional 1,660,230 shares during the last quarter. FMR LLC raised its holdings in Credo Technology Group by 731.6% during the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after buying an additional 1,013,789 shares during the period. Wellington Management Group LLP lifted its position in Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after buying an additional 705,512 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in Credo Technology Group by 22.7% during the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after acquiring an additional 368,518 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on CRDO. Mizuho raised their price objective on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their price objective for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. TD Cowen raised their price target on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Barclays raised their price objective on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research note 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 stock a “buy” rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $68.60.

View Our Latest Analysis on CRDO

Credo Technology Group Company Profile

(Get Free Report)

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.

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