Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by Emerald Mutual Fund Advisers Trust

Emerald Mutual Fund Advisers Trust reduced its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 28.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 849,637 shares of the company's stock after selling 334,175 shares during the period. Credo Technology Group comprises approximately 3.5% of Emerald Mutual Fund Advisers Trust's investment portfolio, making the stock its largest position. Emerald Mutual Fund Advisers Trust owned 0.51% of Credo Technology Group worth $57,104,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its holdings in shares of Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock worth $404,797,000 after purchasing an additional 909,578 shares during the last quarter. Geode Capital Management LLC grew its holdings in Credo Technology Group by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company's stock worth $222,884,000 after acquiring an additional 138,686 shares during the last quarter. Principal Financial Group Inc. increased its position in Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company's stock valued at $61,415,000 after acquiring an additional 368,518 shares during the period. Norges Bank bought a new position in shares of Credo Technology Group during the fourth quarter valued at $117,242,000. Finally, Alliancebernstein L.P. lifted its holdings in shares of Credo Technology Group by 299.9% during the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock worth $117,011,000 after purchasing an additional 1,305,594 shares during the period. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Price Performance

CRDO opened at $43.68 on Monday. Credo Technology Group Holding Ltd has a fifty-two week low of $16.91 and a fifty-two week high of $86.69. The firm has a market capitalization of $7.42 billion, a PE ratio of -291.20 and a beta of 2.30. The company's 50-day moving average is $45.38 and its 200 day moving average is $55.02.

Insider Transactions at Credo Technology Group

In related news, Director Pantas Sutardja sold 1,875 shares of the company's stock in a transaction on Friday, January 31st. The stock was sold at an average price of $66.96, for a total transaction of $125,550.00. Following the completion of the sale, the director now owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. This represents a 0.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Yat Tung Lam sold 100,000 shares of the firm's stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $58.66, for a total value of $5,866,000.00. Following the transaction, the chief operating officer now owns 2,825,621 shares in the company, valued at approximately $165,750,927.86. This trade represents a 3.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 563,665 shares of company stock valued at $26,810,463 over the last ninety days. 16.04% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CRDO. Stifel Nicolaus decreased their price target on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Mizuho cut their price target on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a report on Thursday, April 3rd. Needham & Company LLC reiterated a "buy" rating and issued a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. Barclays cut their target price on shares of Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Finally, Bank of America decreased their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $71.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.