Victory Capital Management Inc. Reduces Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Victory Capital Management Inc. lowered its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 52.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 320,951 shares of the company’s stock after selling 360,117 shares during the quarter. Victory Capital Management Inc. owned approximately 0.19% of Credo Technology Group worth $21,571,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Rakuten Securities Inc. purchased a new stake in Credo Technology Group in the 3rd quarter valued at $30,000. Brown Brothers Harriman & Co. lifted its position in Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after acquiring an additional 1,001 shares during the period. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group in the 4th quarter valued at approximately $38,000. WASHINGTON TRUST Co acquired a new position in shares of Credo Technology Group in the fourth quarter valued at approximately $43,000. Finally, Principal Securities Inc. raised its stake in shares of Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after purchasing an additional 576 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of the firm’s stock in a transaction on 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 transaction, the chief financial officer now owns 652,666 shares of the company’s stock, valued at approximately $45,640,933.38. This trade represents a 0.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $68.04, for a total value of $3,742,200.00. Following the completion of the transaction, the chief technology officer now directly owns 8,508,602 shares of the company’s stock, valued at approximately $578,925,280.08. This trade represents a 0.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,190,496 shares of company stock valued at $82,695,512 over the last quarter. Corporate insiders own 16.04% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CRDO. Stifel Nicolaus lifted their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Bank of America dropped their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Mizuho raised their price target on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Craig Hallum upped their price objective on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Finally, Barclays raised their target price on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $74.90.

Credo Technology Group Trading Up 9.9 %

Shares of NASDAQ CRDO opened at $43.36 on Wednesday. The company’s 50-day moving average price is $67.61 and its 200 day moving average price is $52.51. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69. The stock has a market cap of $7.25 billion, a price-to-earnings ratio of -289.07 and a beta of 2.16.

Credo Technology Group 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.