KP Management LLC Sells 40,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

KP Management LLC decreased its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 44.4% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 50,000 shares of the company's stock after selling 40,000 shares during the period. KP Management LLC's holdings in Credo Technology Group were worth $3,360,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Aquatic Capital Management LLC bought a new stake in Credo Technology Group during the fourth quarter valued at approximately $1,260,000. Boothbay Fund Management LLC lifted its position in Credo Technology Group by 18.0% during the fourth quarter. Boothbay Fund Management LLC now owns 104,194 shares of the company's stock valued at $7,003,000 after purchasing an additional 15,911 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in Credo Technology Group during the fourth quarter valued at approximately $7,161,000. Oberweis Asset Management Inc. lifted its position in Credo Technology Group by 15.8% during the fourth quarter. Oberweis Asset Management Inc. now owns 959,594 shares of the company's stock valued at $64,494,000 after purchasing an additional 131,280 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in Credo Technology Group by 441.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock valued at $65,594,000 after purchasing an additional 795,751 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO traded up $0.17 during mid-day trading on Tuesday, hitting $43.21. The stock had a trading volume of 2,037,173 shares, compared to its average volume of 3,563,505. Credo Technology Group Holding Ltd has a 1 year low of $16.91 and a 1 year high of $86.69. The business has a 50 day moving average price of $44.80 and a two-hundred day moving average price of $55.05. The firm has a market cap of $7.34 billion, a P/E ratio of -288.07 and a beta of 2.30.

Analysts Set New Price Targets

Several brokerages have issued reports on CRDO. Bank of America dropped their target price 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. Stifel Nicolaus decreased their price target on shares of Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Needham & Company LLC reissued a "buy" rating and set a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Finally, Barclays decreased their price target 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. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Credo Technology Group currently has a consensus rating of "Buy" and a consensus target price of $71.50.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $32.96, for a total transaction of $1,812,800.00. Following the transaction, the chief technology officer now directly owns 7,938,602 shares of the company's stock, valued at approximately $261,656,321.92. The trade was a 0.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of the business'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 transaction, the chief operating officer now directly owns 2,825,621 shares in the company, valued at approximately $165,750,927.86. The trade was a 3.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 563,665 shares of company stock valued at $26,810,463 over the last three months. 16.04% of the stock is owned by company insiders.

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.