Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by SG Americas Securities LLC

SG Americas Securities LLC lowered its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 64.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,508 shares of the company's stock after selling 6,393 shares during the quarter. SG Americas Securities LLC's holdings in Credo Technology Group were worth $236,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Point72 Hong Kong Ltd purchased a new stake in shares of Credo Technology Group in the third quarter worth approximately $3,948,000. Wellington Management Group LLP raised its stake in shares of Credo Technology Group by 32.7% in the 3rd 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 3rd quarter worth about $553,000. Charles Schwab Investment Management Inc. grew its position in Credo Technology Group by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company's stock worth $35,006,000 after purchasing an additional 95,335 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Credo Technology Group by 94.1% in the third 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. Institutional investors and hedge funds own 80.46% of the company's stock.

Insider Buying and Selling

In other Credo Technology Group news, Director Lip Bu Tan sold 3,799 shares of the business's stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $70.73, for a total value of $268,703.27. Following the sale, the director now owns 1,709,926 shares in the company, valued at $120,943,065.98. The trade was a 0.22 % decrease in their position. The sale 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 Credo Technology Group stock in a transaction on Friday, December 20th. The stock was sold at an average price of $68.03, for a total transaction of $6,803,000.00. Following the completion of the transaction, the chief operating officer now directly owns 400,000 shares of the company's stock, valued at $27,212,000. The trade was a 20.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,305,679 shares of company stock valued at $89,862,242. 16.04% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Susquehanna started coverage on Credo Technology Group in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $80.00 price objective for the company. Bank of America raised shares of Credo Technology Group from an "underperform" rating to a "buy" rating and upped their target price for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Needham & Company LLC increased their price target on Credo Technology Group from $43.00 to $70.00 and gave the company a "buy" rating in a research report on Tuesday, December 3rd. TD Cowen raised their price target on Credo Technology Group from $45.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, December 3rd. Finally, Mizuho raised their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an "outperform" rating in a research report on Friday, January 10th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $76.40.

Credo Technology Group Price Performance

NASDAQ CRDO traded down $0.20 during trading hours on Monday, hitting $77.08. The company's stock had a trading volume of 4,298,563 shares, compared to its average volume of 5,502,474. The company's 50 day simple moving average is $71.46 and its two-hundred day simple moving average is $47.66. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $86.69. The company has a market cap of $12.89 billion, a P/E ratio of -513.87 and a beta of 2.09.

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.