Swedbank AB Lowers Stock Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Swedbank AB trimmed its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 24.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,485,314 shares of the company's stock after selling 815,000 shares during the quarter. Swedbank AB owned 1.49% of Credo Technology Group worth $167,038,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Allworth Financial LP increased its stake in shares of Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company's stock valued at $26,000 after purchasing an additional 771 shares during the last quarter. Rakuten Securities Inc. bought a new position in Credo Technology Group in the third quarter valued at about $30,000. Brown Brothers Harriman & Co. raised its stake in Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company's stock worth $35,000 after acquiring an additional 1,001 shares in the last quarter. Larson Financial Group LLC lifted its holdings in shares of Credo Technology Group by 240.0% in the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company's stock worth $61,000 after acquiring an additional 1,399 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company's stock valued at $65,000 after purchasing an additional 351 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of the company's stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $58.66, for a total transaction of $5,866,000.00. Following the sale, the chief operating officer now owns 2,825,621 shares of the company's stock, valued at approximately $165,750,927.86. This represents a 3.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 3,799 shares of the firm's stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $70.73, for a total value of $268,703.27. Following the sale, the director now directly owns 1,709,926 shares of the company's stock, valued at $120,943,065.98. This represents a 0.22 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,358,804 shares of company stock valued at $92,342,042. 16.04% of the stock is currently owned by company insiders.

Credo Technology Group Stock Performance

Shares of CRDO traded up $5.42 during mid-day trading on Friday, reaching $70.02. 9,165,894 shares of the company were exchanged, compared to its average volume of 4,954,443. The business has a 50 day simple moving average of $68.45 and a two-hundred day simple moving average of $45.89. The stock has a market capitalization of $11.71 billion, a PE ratio of -466.80 and a beta of 2.11. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CRDO shares. The Goldman Sachs Group upped their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research report on Friday, January 10th. TD Cowen upped their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, December 3rd. Susquehanna initiated coverage on Credo Technology Group in a report on Tuesday, December 17th. They set a "neutral" rating and a $80.00 price objective on the stock. Stifel Nicolaus upped their target price on Credo Technology Group from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, January 6th. Finally, Barclays increased their target price on Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $76.40.

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.