Renaissance Group LLC Reduces Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Renaissance Group LLC decreased its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 18.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 106,155 shares of the company's stock after selling 23,665 shares during the period. Renaissance Group LLC owned approximately 0.06% of Credo Technology Group worth $7,135,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in CRDO. FMR LLC boosted its position in shares of Credo Technology Group by 731.6% during the third quarter. FMR LLC now owns 1,152,361 shares of the company's stock valued at $35,493,000 after buying an additional 1,013,789 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Credo Technology Group by 94.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company's stock valued at $7,507,000 after purchasing an additional 118,169 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Credo Technology Group by 18.9% during the third quarter. Janus Henderson Group PLC now owns 66,045 shares of the company's stock worth $2,034,000 after purchasing an additional 10,496 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its position in Credo Technology Group by 23.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 31,011 shares of the company's stock worth $955,000 after purchasing an additional 5,976 shares in the last quarter. Finally, Stifel Financial Corp increased its stake in Credo Technology Group by 436.3% in the 3rd quarter. Stifel Financial Corp now owns 127,573 shares of the company's stock valued at $3,929,000 after buying an additional 103,785 shares during the last quarter. 80.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CRDO shares. Mizuho decreased their target price on 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. Susquehanna upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Stifel Nicolaus raised their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a "buy" rating in a research note on Monday, January 6th. Barclays raised their target price on Credo Technology Group from $80.00 to $90.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $74.60.

Credo Technology Group Stock Performance

Credo Technology Group stock traded up $0.48 during midday trading on Friday, hitting $38.72. 2,539,960 shares of the company's stock were exchanged, compared to its average volume of 3,493,940. The stock has a 50-day moving average price of $52.54 and a two-hundred day moving average price of $54.42. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69. The company has a market cap of $6.57 billion, a P/E ratio of -258.13 and a beta of 2.30.

Insider Buying and Selling

In other news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $72.69, for a total value of $10,903,500.00. Following the transaction, the director now owns 963,725 shares in the company, valued at approximately $70,053,170.25. The trade was a 13.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $32.96, for a total value of $1,812,800.00. Following the sale, the chief technology officer now owns 7,938,602 shares of the company's stock, valued at $261,656,321.92. This represents a 0.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 721,875 shares of company stock worth $44,039,400. Corporate insiders own 16.04% of the company's stock.

About Credo Technology Group

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.