Barclays PLC Sells 111,702 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Barclays PLC trimmed its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 31.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 239,962 shares of the company's stock after selling 111,702 shares during the quarter. Barclays PLC owned about 0.14% of Credo Technology Group worth $7,391,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Swedbank AB increased its stake in shares of Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company's stock valued at $101,650,000 after purchasing an additional 2,961,454 shares in the last quarter. Point72 Asset Management L.P. grew its stake in shares of Credo Technology Group by 73.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company's stock valued at $120,627,000 after purchasing an additional 1,660,230 shares during the period. FMR LLC grew its position in shares of Credo Technology Group by 731.6% during the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company's stock valued at $35,493,000 after acquiring an additional 1,013,789 shares during the period. Wellington Management Group LLP increased its position in 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 buying an additional 705,512 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Credo Technology Group by 22.7% during the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company's stock valued at $61,415,000 after purchasing an additional 368,518 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CRDO. 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. The Goldman Sachs Group raised their target price on shares of Credo Technology Group from $31.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday, December 4th. 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 reiterated a "buy" rating and issued a $75.00 target price (up from $50.00) on shares of Credo Technology Group in a research note on Tuesday, December 3rd. Finally, Roth Mkm lifted their price objective on Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, Credo Technology Group currently has an average rating of "Moderate Buy" and a consensus target price of $68.60.

Insiders Place Their Bets

In other Credo Technology Group news, insider James Laufman sold 20,000 shares of the company's stock in a transaction on Friday, September 27th. The stock was sold at an average price of $31.36, for a total value of $627,200.00. Following the transaction, the insider now directly owns 302,466 shares of the company's stock, valued at $9,485,333.76. This represents a 6.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $29.67, for a total transaction of $1,631,850.00. Following the completion of the transaction, the chief technology officer now owns 9,003,602 shares of the company's stock, valued at $267,136,871.34. The trade was a 0.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,276,120 shares of company stock valued at $49,535,455. 16.04% of the stock is currently owned by corporate insiders.

Credo Technology Group Trading Up 0.9 %

NASDAQ:CRDO traded up $0.58 during trading hours on Thursday, hitting $67.04. 3,062,293 shares of the company traded hands, compared to its average volume of 2,474,687. The firm has a 50-day moving average of $48.93 and a 200 day moving average of $36.45. The stock has a market capitalization of $11.21 billion, a price-to-earnings ratio of -446.93 and a beta of 2.26. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $78.97.

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.