Russell Investments Group Ltd. Cuts Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Russell Investments Group Ltd. trimmed its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 41.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 44,932 shares of the company's stock after selling 32,322 shares during the quarter. Russell Investments Group Ltd.'s holdings in Credo Technology Group were worth $3,020,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nisa Investment Advisors LLC boosted its position in Credo Technology Group by 8.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company's stock worth $225,000 after buying an additional 255 shares during the period. CIBC Private Wealth Group LLC lifted its holdings in shares of Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock worth $75,000 after purchasing an additional 348 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Credo Technology Group by 56.3% during the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company's stock worth $65,000 after purchasing an additional 351 shares during the period. Amalgamated Bank increased its holdings in Credo Technology Group by 9.4% in the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company's stock valued at $321,000 after purchasing an additional 411 shares during the period. Finally, Arizona State Retirement System raised its position in Credo Technology Group by 1.2% during the 4th quarter. Arizona State Retirement System now owns 40,931 shares of the company's stock worth $2,751,000 after purchasing an additional 501 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on CRDO shares. Needham & Company LLC reiterated a "buy" rating and issued a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. The Goldman Sachs Group increased their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research report on Friday, January 10th. Mizuho dropped their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research report on Thursday, April 3rd. 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. Finally, Barclays boosted their target price 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. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $73.50.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $80.57, for a total transaction of $4,834,200.00. Following the completion of the transaction, the chief technology officer now directly owns 8,268,602 shares in the company, valued at $666,201,263.14. This trade represents a 0.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of the business's stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $80.59, for a total transaction of $805,900.00. Following the sale, the chief operating officer now directly owns 2,825,621 shares of the company's stock, valued at approximately $227,716,796.39. The trade was a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 578,665 shares of company stock worth $31,561,763. Corporate insiders own 16.04% of the company's stock.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO traded down $1.20 during trading on Friday, hitting $36.52. 2,408,216 shares of the company traded hands, compared to its average volume of 3,502,990. The business's fifty day moving average is $49.32 and its 200 day moving average is $54.45. The firm has a market capitalization of $6.20 billion, a price-to-earnings ratio of -243.47 and a beta of 2.30. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69.

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.