Mitsubishi UFJ Asset Management Co. Ltd. Cuts Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Mitsubishi UFJ Asset Management Co. Ltd. trimmed its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 63.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 46,000 shares of the company's stock after selling 81,200 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in Credo Technology Group were worth $3,330,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of CRDO. JPMorgan Chase & Co. increased its position in shares of Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock valued at $404,797,000 after acquiring an additional 909,578 shares during the last quarter. Point72 Asset Management L.P. boosted its holdings in shares of Credo Technology Group by 73.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company's stock valued at $120,627,000 after buying an additional 1,660,230 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Credo Technology Group by 5.7% in the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company's stock valued at $97,865,000 after buying an additional 170,412 shares in the last quarter. Wellington Management Group LLP increased its holdings in Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company's stock worth $88,188,000 after buying an additional 705,512 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in Credo Technology Group by 22.7% during the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company's stock worth $61,415,000 after acquiring an additional 368,518 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

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Insider Buying and Selling at Credo Technology Group

In other news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction on Monday, January 6th. The shares were sold at an average price of $76.09, for a total value of $11,413,500.00. Following the completion of the sale, the director now owns 1,113,725 shares in the company, valued at $84,743,335.25. The trade was a 11.87 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Yat Tung Lam sold 10,000 shares of the firm's stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $45.23, for a total transaction of $452,300.00. Following the completion of the sale, the chief operating officer now owns 2,802,447 shares of the company's stock, valued at $126,754,677.81. The trade was a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,030,665 shares of company stock valued at $69,289,092. 16.04% of the stock is currently owned by company insiders.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock traded up $1.32 during trading on Wednesday, hitting $43.04. The company's stock had a trading volume of 5,047,627 shares, compared to its average volume of 3,364,031. The stock has a market cap of $7.31 billion, a price-to-earnings ratio of -286.93 and a beta of 2.16. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69. The stock has a 50-day moving average price of $58.98 and a two-hundred day moving average price of $54.10.

Analyst Ratings Changes

CRDO has been the topic of several recent analyst reports. Needham & Company LLC restated a "buy" rating and set a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. The Goldman Sachs Group raised their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research report on Friday, January 10th. Bank of America decreased their target price on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. Barclays increased their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a report on Friday, January 17th. Finally, Craig Hallum boosted their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, December 3rd. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Credo Technology Group currently has an average rating of "Buy" and an average price target of $74.90.

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.