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

Nkcfo LLC decreased its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 81.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,000 shares of the company's stock after selling 13,000 shares during the period. Nkcfo LLC's holdings in Credo Technology Group were worth $202,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Principal Securities Inc. boosted its stake in shares of Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company's stock worth $45,000 after buying an additional 576 shares during the period. Palumbo Wealth Management LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter worth about $258,000. Rhumbline Advisers boosted its stake in shares of Credo Technology Group by 11.7% during the fourth quarter. Rhumbline Advisers now owns 195,431 shares of the company's stock worth $13,135,000 after buying an additional 20,537 shares during the period. WASHINGTON TRUST Co acquired a new stake in shares of Credo Technology Group during the fourth quarter worth about $43,000. Finally, Vontobel Holding Ltd. raised its holdings in Credo Technology Group by 3.4% during the fourth quarter. Vontobel Holding Ltd. now owns 19,584 shares of the company's stock worth $1,316,000 after purchasing an additional 635 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on CRDO. Craig Hallum increased their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, December 3rd. Mizuho increased their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an "outperform" rating in a report on Friday, January 10th. Needham & Company LLC increased their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a "buy" rating in a report on Tuesday, December 3rd. The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a report on Friday, January 10th. Finally, Roth Mkm increased their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $76.40.

Insider Activity

In other news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $48.57, for a total value of $2,671,350.00. Following the sale, the chief technology officer now directly owns 8,618,602 shares in the company, valued at $418,605,499.14. This represents a 0.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $68.03, for a total transaction of $6,803,000.00. Following the completion of the sale, the chief operating officer now owns 400,000 shares in the company, valued at $27,212,000. This represents a 20.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,305,679 shares of company stock worth $89,862,242 over the last ninety days. 16.04% of the stock is currently owned by insiders.

Credo Technology Group Price Performance

Credo Technology Group stock traded down $3.48 during mid-day trading on Wednesday, reaching $71.76. The company had a trading volume of 3,554,053 shares, compared to its average volume of 5,247,653. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $86.69. The company has a market capitalization of $12.00 billion, a P/E ratio of -478.40 and a beta of 2.09. The stock's 50-day simple moving average is $72.38 and its 200-day simple moving average is $50.06.

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.