Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by Emerald Advisers LLC

Emerald Advisers LLC decreased its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 13.6% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 1,376,927 shares of the company's stock after selling 216,155 shares during the period. Credo Technology Group makes up about 3.6% of Emerald Advisers LLC's investment portfolio, making the stock its largest position. Emerald Advisers LLC owned 0.82% of Credo Technology Group worth $92,543,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CRDO. Point72 Hong Kong Ltd acquired a new stake in Credo Technology Group in the 3rd quarter valued at $3,948,000. Wellington Management Group LLP grew its position in Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company's stock valued at $88,188,000 after acquiring an additional 705,512 shares in the last quarter. Centiva Capital LP acquired a new position in shares of Credo Technology Group during the third quarter worth $553,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Credo Technology Group by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company's stock valued at $35,006,000 after purchasing an additional 95,335 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Credo Technology Group by 94.1% during the 3rd 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. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Activity

In related news, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $69.52, for a total value of $6,952,000.00. Following the sale, the chief operating officer now directly owns 300,000 shares in the company, valued at $20,856,000. This trade represents a 25.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 60,000 shares of the company's stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $69.22, for a total transaction of $4,153,200.00. Following the completion of the transaction, the chief technology officer now owns 8,448,602 shares of the company's stock, valued at approximately $584,812,230.44. This trade represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,120,665 shares of company stock valued at $75,788,792. 16.04% of the stock is currently owned by company insiders.

Credo Technology Group Price Performance

NASDAQ:CRDO traded down $2.52 during midday trading on Thursday, reaching $42.43. 6,270,825 shares of the company traded hands, compared to its average volume of 3,254,258. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69. The company has a fifty day moving average price of $61.36 and a 200 day moving average price of $53.42. The firm has a market capitalization of $7.20 billion, a price-to-earnings ratio of -282.87 and a beta of 2.16.

Wall Street Analyst Weigh In

CRDO has been the subject of a number of analyst reports. Bank of America decreased their price objective on shares of 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. Needham & Company LLC reissued a "buy" rating and set a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Barclays increased their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. Mizuho upped their price objective on Credo Technology Group from $70.00 to $85.00 and gave the company an "outperform" rating in a research note on Friday, January 10th. Finally, The Goldman Sachs Group raised their price objective on Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research note on Friday, January 10th. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $74.90.

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.