Keybank National Association OH lowered its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 65.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,878 shares of the company's stock after selling 9,092 shares during the period. Keybank National Association OH's holdings in Credo Technology Group were worth $328,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its holdings in Credo Technology Group by 3.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company's stock valued at $79,289,000 after purchasing an additional 43,169 shares in the last quarter. Steward Partners Investment Advisory LLC bought a new position in shares of Credo Technology Group during the 4th quarter worth approximately $4,332,000. Plato Investment Management Ltd acquired a new stake in Credo Technology Group in the 4th quarter valued at $61,000. SBI Securities Co. Ltd. bought a new stake in Credo Technology Group in the fourth quarter valued at $178,000. Finally, Versor Investments LP acquired a new position in Credo Technology Group during the fourth quarter worth $207,000. Institutional investors own 80.46% of the company's stock.
Wall Street Analyst Weigh In
Several equities research analysts have recently commented on the stock. The Goldman Sachs Group boosted their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research note on Friday, January 10th. Needham & Company LLC reissued a "buy" rating and issued a $80.00 target price on shares of Credo Technology Group in a report on Wednesday, March 5th. Craig Hallum raised their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, December 3rd. Bank of America cut their price objective on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Finally, Susquehanna upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Credo Technology Group presently has a consensus rating of "Buy" and an average target price of $74.90.
View Our Latest Report on CRDO
Credo Technology Group Trading Down 5.4 %
Shares of CRDO traded down $2.58 on Thursday, reaching $44.95. 3,979,584 shares of the company's stock were exchanged, compared to its average volume of 3,147,890. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $86.69. The stock has a market capitalization of $7.52 billion, a P/E ratio of -299.67 and a beta of 2.16. The business has a 50 day moving average price of $66.70 and a two-hundred day moving average price of $52.42.
Insider Buying and Selling at Credo Technology Group
In related news, COO Yat Tung Lam sold 100,000 shares of the firm's stock in a transaction on Friday, December 20th. The stock was sold at an average price of $68.03, for a total transaction of $6,803,000.00. Following the sale, the chief operating officer now owns 400,000 shares of the company's stock, valued at approximately $27,212,000. This trade represents a 20.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total value of $265,034.70. Following the transaction, the chief financial officer now owns 652,666 shares in the company, valued at approximately $45,640,933.38. This represents a 0.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,190,496 shares of company stock worth $82,695,512. Insiders own 16.04% of the company's stock.
Credo Technology Group Profile
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Free Report)
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.
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