Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by American Century Companies Inc.

American Century Companies Inc. trimmed its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 42.8% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,019,810 shares of the company's stock after selling 762,737 shares during the quarter. American Century Companies Inc. owned approximately 0.61% of Credo Technology Group worth $68,541,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Brown Brothers Harriman & Co. boosted its stake 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 purchasing an additional 1,001 shares during the last quarter. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group in the fourth quarter worth about $38,000. WASHINGTON TRUST Co acquired a new position in Credo Technology Group during the fourth quarter worth about $43,000. Principal Securities Inc. grew its stake in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock valued at $45,000 after acquiring an additional 576 shares in the last quarter. Finally, Larson Financial Group LLC raised its holdings in Credo Technology Group by 240.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company's stock valued at $61,000 after acquiring an additional 1,399 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CRDO shares. The Goldman Sachs Group boosted their target price on Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a report on Friday, January 10th. Mizuho upped their target price 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 lifted their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, December 3rd. Needham & Company LLC reissued a "buy" rating and set a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Finally, TD Cowen raised their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, December 3rd. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $74.90.

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Credo Technology Group Stock Down 4.5 %

CRDO stock traded down $1.92 during mid-day trading on Friday, hitting $40.51. 3,010,017 shares of the company were exchanged, compared to its average volume of 3,334,164. The business has a fifty day simple moving average of $60.57 and a 200-day simple moving average of $53.73. The firm has a market capitalization of $6.88 billion, a P/E ratio of -270.07 and a beta of 2.16. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69.

Insider Buying and Selling

In related news, Director Lip Bu Tan sold 150,000 shares of the firm's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the completion of the transaction, the director now directly owns 1,113,725 shares in the company, valued at $84,743,335.25. This trade represents a 11.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Yat Tung Lam sold 100,000 shares of the business's stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $69.52, for a total transaction of $6,952,000.00. Following the sale, the chief operating officer now owns 300,000 shares in the company, valued at $20,856,000. This trade represents a 25.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,130,665 shares of company stock valued at $76,241,092. Company insiders own 16.04% of the company's stock.

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.