Sumitomo Mitsui Trust Group Inc. Lowers Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Sumitomo Mitsui Trust Group Inc. lowered its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 59.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,154 shares of the company's stock after selling 8,879 shares during the period. Sumitomo Mitsui Trust Group Inc.'s holdings in Credo Technology Group were worth $414,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Allworth Financial LP grew its stake in Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company's stock valued at $26,000 after acquiring an additional 771 shares in the last quarter. Rakuten Securities Inc. purchased a new position in shares of Credo Technology Group during the 3rd quarter valued at $30,000. Brown Brothers Harriman & Co. increased its holdings in shares of Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company's stock worth $35,000 after purchasing an additional 1,001 shares during the period. Larson Financial Group LLC raised its position in shares of Credo Technology Group by 240.0% in the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company's stock worth $61,000 after buying an additional 1,399 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Credo Technology Group by 56.3% during the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company's stock valued at $65,000 after buying an additional 351 shares during the period. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Stock Performance

CRDO stock traded down $3.70 during trading on Wednesday, hitting $71.54. 3,014,972 shares of the company traded hands, compared to its average volume of 5,211,627. The company has a 50-day moving average of $72.16 and a 200-day moving average of $49.55. The firm has a market capitalization of $11.96 billion, a PE ratio of -476.94 and a beta of 2.09. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $86.69.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CRDO shares. The Goldman Sachs Group raised their price target on Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a report on Friday, January 10th. Stifel Nicolaus raised their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a "buy" rating in a research note on Monday, January 6th. Barclays boosted their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. Susquehanna started coverage on shares of Credo Technology Group in a research report on Tuesday, December 17th. They set a "neutral" rating and a $80.00 price objective on the stock. Finally, Mizuho upped their target price 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 research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $76.40.

Insider Activity

In related news, Director Lip Bu Tan sold 150,000 shares of the firm's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $76.09, for a total value of $11,413,500.00. Following the sale, the director now directly owns 1,113,725 shares of the company's stock, valued at $84,743,335.25. This trade represents a 11.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William Joseph Brennan sold 143,880 shares of the company's stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $67.65, for a total value of $9,733,482.00. Following the transaction, the chief executive officer now directly owns 2,370,858 shares of the company's stock, valued at $160,388,543.70. The trade was a 5.72 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,305,679 shares of company stock valued at $89,862,242. 16.04% of the stock is currently owned by company insiders.

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.