SG Americas Securities LLC Sells 6,393 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

SG Americas Securities LLC reduced its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 64.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,508 shares of the company’s stock after selling 6,393 shares during the quarter. SG Americas Securities LLC’s holdings in Credo Technology Group were worth $236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in CRDO. Point72 Hong Kong Ltd bought a new stake in shares of Credo Technology Group in the 3rd quarter worth approximately $3,948,000. Wellington Management Group LLP increased its holdings in Credo Technology Group by 32.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after buying an additional 705,512 shares in the last quarter. Centiva Capital LP purchased a new position in shares of Credo Technology Group during the third quarter valued at approximately $553,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Credo Technology Group by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after acquiring an additional 95,335 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Credo Technology Group by 94.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after buying an additional 118,169 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Insider Activity

In related news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $76.09, for a total value of $11,413,500.00. Following the completion of the transaction, the director now owns 1,113,725 shares in the company, valued at $84,743,335.25. The trade was a 11.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction on Friday, January 31st. The shares were sold at an average price of $66.96, for a total transaction of $125,550.00. Following the completion of the sale, the director now directly owns 5,902,402 shares in the company, valued at $395,224,837.92. This represents a 0.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,305,679 shares of company stock valued at $89,862,242 over the last ninety days. 16.04% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have commented on CRDO. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and raised their target price for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Susquehanna assumed coverage on shares of Credo Technology Group in a report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 target price on the stock. Roth Mkm boosted 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. TD Cowen increased their target price on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Finally, Barclays increased their price target on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $76.40.

Credo Technology Group Stock Up 0.1 %

CRDO stock opened at $79.64 on Friday. The firm has a 50 day moving average of $70.22 and a 200 day moving average of $46.85. The stock has a market capitalization of $13.32 billion, a PE ratio of -530.93 and a beta of 2.09. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69.

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.