Asset Management One Co. Ltd. Trims Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Asset Management One Co. Ltd. lessened its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 16.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,878 shares of the company’s stock after selling 572 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Credo Technology Group were worth $199,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Point72 Hong Kong Ltd purchased a new position in shares of Credo Technology Group in the 3rd quarter worth $3,948,000. Wellington Management Group LLP raised its position in shares of 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 during the period. Centiva Capital LP purchased a new position in shares of Credo Technology Group in the 3rd quarter worth $553,000. Charles Schwab Investment Management Inc. raised its position in shares of Credo Technology Group by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after buying an additional 95,335 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Credo Technology Group by 94.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock worth $7,507,000 after buying an additional 118,169 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CRDO has been the topic of several research reports. Mizuho increased their target price on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Craig Hallum increased their target price on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. TD Cowen increased 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. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price target for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. Finally, Susquehanna began coverage on Credo Technology Group in a report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target for the company. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $76.40.

Insider Activity

In related news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $48.57, for a total value of $2,671,350.00. Following the completion of the transaction, the chief technology officer now directly owns 8,618,602 shares in the company, valued at approximately $418,605,499.14. This trade represents a 0.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the transaction, the director now owns 5,902,402 shares of the company’s stock, valued at $395,224,837.92. This trade represents a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,305,679 shares of company stock worth $89,862,242 over the last ninety days. Corporate insiders own 16.04% of the company’s stock.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $71.37 on Friday. The business has a 50-day moving average of $72.44 and a 200-day moving average of $50.21. The company has a market capitalization of $11.94 billion, a PE ratio of -475.82 and a beta of 2.09. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $86.69.

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.