Capital Research Global Investors Sells 1,650,409 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Capital Research Global Investors trimmed its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 29.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,875,130 shares of the company's stock after selling 1,650,409 shares during the quarter. Capital Research Global Investors owned 2.32% of Credo Technology Group worth $260,447,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Kestra Investment Management LLC bought a new stake in shares of Credo Technology Group in the fourth quarter worth $38,000. WASHINGTON TRUST Co bought a new position in Credo Technology Group during the 4th quarter worth approximately $43,000. Principal Securities Inc. lifted its position in shares of Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock worth $45,000 after purchasing an additional 576 shares during the period. Plato Investment Management Ltd bought a new stake in shares of Credo Technology Group in the 4th quarter valued at $61,000. Finally, GAMMA Investing LLC increased its position in shares of Credo Technology Group by 56.3% during the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company's stock worth $65,000 after buying an additional 351 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRDO has been the topic of a number of research analyst reports. Barclays cut their price target on shares of Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating on the stock in a research report on Tuesday. Needham & Company LLC reaffirmed a "buy" rating and set a $80.00 target price on shares of Credo Technology Group in a research note on Wednesday, March 5th. The Goldman Sachs Group boosted their price target on Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research note on Friday, January 10th. Mizuho reduced their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Finally, Stifel Nicolaus cut their target price on shares of Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $71.50.

Credo Technology Group Price Performance

Shares of CRDO stock traded up $2.68 during trading hours on Thursday, reaching $43.17. The company had a trading volume of 1,586,181 shares, compared to its average volume of 3,530,857. The business has a fifty day simple moving average of $46.58 and a 200-day simple moving average of $54.62. Credo Technology Group Holding Ltd has a 12 month low of $16.91 and a 12 month high of $86.69. The company has a market cap of $7.33 billion, a price-to-earnings ratio of -287.77 and a beta of 2.30.

Insider Buying and Selling at Credo Technology Group

In other news, COO Yat Tung Lam sold 100,000 shares of the company's stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $58.66, for a total value of $5,866,000.00. Following the completion of the transaction, the chief operating officer now directly owns 2,825,621 shares of the company's stock, valued at $165,750,927.86. This represents a 3.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction on Friday, April 11th. The stock was sold at an average price of $40.75, for a total value of $154,442.50. Following the sale, the chief financial officer now owns 608,602 shares in the company, valued at $24,800,531.50. This trade represents a 0.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 563,665 shares of company stock worth $27,972,613. Corporate 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.