Sumitomo Mitsui Trust Group Inc. Reduces Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Sumitomo Mitsui Trust Group Inc. reduced its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 59.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,154 shares of the company’s stock after selling 8,879 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Credo Technology Group were worth $414,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its holdings in shares of Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after purchasing an additional 909,578 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in shares of Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after acquiring an additional 1,660,230 shares in the last quarter. Swedbank AB raised its holdings in Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Credo Technology Group by 5.7% in the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after acquiring an additional 170,412 shares during the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of 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 acquiring an additional 705,512 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Up 0.3 %

Shares of NASDAQ CRDO opened at $70.70 on Friday. The business has a fifty day simple moving average of $72.08 and a two-hundred day simple moving average of $49.09. The firm has a market cap of $11.82 billion, a PE ratio of -471.33 and a beta of 2.09. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and increased their target price for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Susquehanna initiated coverage on Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price objective on the stock. Needham & Company LLC raised their price objective on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Stifel Nicolaus raised their price target on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, 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. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Credo Technology Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.40.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $48.57, for a total transaction of $2,671,350.00. Following the transaction, the chief technology officer now directly owns 8,618,602 shares in the company, valued at $418,605,499.14. The trade was a 0.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Lip Bu Tan sold 3,799 shares of the business’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.73, for a total value of $268,703.27. Following the transaction, the director now owns 1,709,926 shares in the company, valued at approximately $120,943,065.98. This trade represents a 0.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,305,679 shares of company stock valued at $89,862,242 in the last ninety days. Corporate insiders own 16.04% of the company’s stock.

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.