State Street Corp Sells 165,718 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

State Street Corp cut its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 3.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,365,859 shares of the company's stock after selling 165,718 shares during the period. State Street Corp owned 2.63% of Credo Technology Group worth $134,468,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Assetmark Inc. increased its stake in Credo Technology Group by 5.4% during the third quarter. Assetmark Inc. now owns 4,978 shares of the company's stock valued at $153,000 after acquiring an additional 257 shares during the period. Fifth Third Bancorp raised its stake in shares of Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company's stock valued at $34,000 after purchasing an additional 400 shares in the last quarter. Advisors Asset Management Inc. lifted its position in Credo Technology Group by 11.3% in the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company's stock worth $145,000 after purchasing an additional 478 shares during the period. CWM LLC increased its holdings in Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company's stock valued at $43,000 after buying an additional 594 shares during the period. Finally, US Bancorp DE raised its stake in shares of Credo Technology Group by 4.2% in the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company's stock valued at $499,000 after buying an additional 649 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CRDO. Needham & Company LLC lifted their target price on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a "buy" rating in a research report on Tuesday, December 3rd. Bank of America raised Credo Technology Group from an "underperform" rating to a "buy" rating and lifted their price objective for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. Craig Hallum increased their target price on Credo Technology Group from $38.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, December 3rd. TD Cowen boosted their price target on Credo Technology Group from $45.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, December 3rd. Finally, Barclays increased their price objective on Credo Technology Group from $32.00 to $80.00 and gave the stock an "overweight" rating in a research note on Tuesday, December 3rd. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Credo Technology Group currently has an average rating of "Buy" and an average price target of $67.33.

Insiders Place Their Bets

In other news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total value of $4,575,000.00. Following the completion of the sale, the director now directly owns 2,638,725 shares of the company's stock, valued at approximately $80,481,112.50. This trade represents a 5.38 % decrease in their position. 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 business's stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $29.67, for a total value of $1,631,850.00. Following the sale, the chief technology officer now owns 9,003,602 shares of the company's stock, valued at approximately $267,136,871.34. The trade was a 0.61 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,276,120 shares of company stock valued at $49,535,455. Insiders own 16.04% of the company's stock.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO traded up $7.53 during midday trading on Friday, reaching $75.95. The company's stock had a trading volume of 6,696,979 shares, compared to its average volume of 2,443,352. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $76.53. The business's fifty day simple moving average is $46.69 and its 200-day simple moving average is $35.57. The company has a market capitalization of $12.70 billion, a P/E ratio of -506.33 and a beta of 2.26.

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.