Lip Bu Tan Sells 150,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) 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 Monday, January 6th. The stock was sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the sale, the director now directly owns 1,113,725 shares of the company’s stock, valued at approximately $84,743,335.25. This represents a 11.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.

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

• 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.
• On Monday, October 14th, Lip Bu Tan sold 15,281 shares of Credo Technology Group stock. The shares were sold at an average price of $39.05, for a total transaction of $596,723.05.
• On Friday, October 11th, Lip Bu Tan sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $38.16, for a total transaction of $3,816,000.00.

Credo Technology Group Stock Up 1.1 %

Shares of Credo Technology Group stock opened at $73.80 on Friday. The stock has a market capitalization of $12.34 billion, a P/E ratio of -492.00 and a beta of 2.11. The company has a 50-day simple moving average of $59.24 and a 200 day simple moving average of $41.18. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $78.97.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CRDO shares. Roth Mkm increased their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Craig Hallum increased their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Needham & Company LLC raised their price objective on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Stifel Nicolaus raised their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Finally, Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price objective for the stock from $27.00 to $80.00 in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $75.40.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds have recently made changes to their positions in the company. Diversified Trust Co increased its position in Credo Technology Group by 35.6% in the 4th quarter. Diversified Trust Co now owns 37,894 shares of the company’s stock valued at $2,547,000 after acquiring an additional 9,940 shares in the last quarter. Everence Capital Management Inc. acquired a new stake in Credo Technology Group in the 4th quarter valued at about $252,000. GAMMA Investing LLC increased its position in Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after acquiring an additional 351 shares in the last quarter. JPMorgan Chase & Co. increased its position in 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 acquiring an additional 909,578 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in Credo Technology Group by 22.7% in the 3rd 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 in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.