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

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 stock was sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the sale, the chief executive officer now owns 2,370,858 shares of the company’s stock, valued at $160,388,543.70. This trade represents a 5.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $66.26 on Wednesday. The company’s 50 day simple moving average is $44.29 and its 200 day simple moving average is $34.49. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $75.32. The firm has a market capitalization of $11.08 billion, a price-to-earnings ratio of -441.73 and a beta of 2.26.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CRDO. Allworth Financial LP lifted its stake in Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after buying an additional 771 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new stake in shares of Credo Technology Group in the second quarter valued at approximately $29,000. Rakuten Securities Inc. acquired a new stake in shares of Credo Technology Group in the third quarter valued at approximately $30,000. Fifth Third Bancorp raised its holdings in shares of Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares during the last quarter. Finally, Brown Brothers Harriman & Co. raised its holdings in shares of Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after purchasing an additional 1,001 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on CRDO. TD Cowen raised 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. 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 report on Tuesday, October 22nd. Mizuho raised their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. 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 report on Tuesday, December 3rd. Finally, Stifel Nicolaus restated a “buy” rating and issued a $75.00 price objective (up previously from $50.00) on shares of Credo Technology Group in a research report on Tuesday, December 3rd. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $67.33.

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.