Pantas Sutardja Sells 1,875 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Pantas Sutardja sold 1,875 shares of the company’s stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $46.01, for a total transaction of $86,268.75. Following the transaction, the director now owns 5,900,527 shares of the company’s stock, valued at $271,483,247.27. This represents a 0.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $47.80 on Wednesday. The stock has a market capitalization of $8.12 billion, a price-to-earnings ratio of -318.65 and a beta of 2.29. Credo Technology Group Holding Ltd has a 1-year low of $16.91 and a 1-year high of $86.69. The company has a 50 day moving average price of $42.95 and a 200 day moving average price of $55.30.

Institutional Investors Weigh In On Credo Technology Group

Large investors have recently modified their holdings of the stock. Kestra Investment Management LLC purchased a new stake in shares of Credo Technology Group during the fourth quarter valued at $38,000. WASHINGTON TRUST Co acquired a new stake in Credo Technology Group during the 4th quarter worth about $43,000. Principal Securities Inc. lifted its stake in Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after buying an additional 576 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Credo Technology Group in the first quarter worth about $27,000. Finally, Quarry LP purchased a new position in shares of Credo Technology Group in the fourth quarter worth approximately $58,000. 80.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on CRDO. The Goldman Sachs Group upped their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Needham & Company LLC reissued a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Mizuho cut their target price on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a research note on Thursday, April 3rd. Stifel Nicolaus decreased their price target on Credo Technology Group from $85.00 to $69.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Finally, Barclays cut their price objective on shares of Credo Technology Group from $90.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $71.50.

Credo Technology Group Company Profile

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.