Verition Fund Management LLC trimmed its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 42.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 15,993 shares of the company's stock after selling 11,917 shares during the period. Verition Fund Management LLC's holdings in Credo Technology Group were worth $493,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Allworth Financial LP increased its stake in Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company's stock valued at $26,000 after buying an additional 771 shares during the period. Arcadia Investment Management Corp MI bought a new position in shares of Credo Technology Group in the second quarter valued at approximately $29,000. Rakuten Securities Inc. acquired a new position in shares of Credo Technology Group during the third quarter valued at approximately $30,000. Fifth Third Bancorp raised its holdings in Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company's stock worth $34,000 after purchasing an additional 400 shares in the last quarter. Finally, Brown Brothers Harriman & Co. lifted its position in 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. 80.46% of the stock is currently owned by institutional investors.
Credo Technology Group Stock Down 1.5 %
Shares of CRDO stock traded down $1.04 during trading hours on Thursday, reaching $68.42. 3,068,624 shares of the stock traded hands, compared to its average volume of 2,425,584. The business has a fifty day moving average price of $45.82 and a 200 day moving average price of $34.97. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $75.32. The firm has a market capitalization of $11.44 billion, a PE ratio of -456.13 and a beta of 2.26.
Analyst Ratings Changes
Several brokerages have recently issued reports on CRDO. Mizuho lifted their price target on Credo Technology Group from $35.00 to $41.00 and gave the company an "outperform" rating in a research report on Monday, October 14th. Bank of America upgraded shares of Credo Technology Group from an "underperform" rating to a "buy" rating and boosted their price target for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. The Goldman Sachs Group raised their price objective on shares of Credo Technology Group from $31.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, December 4th. Stifel Nicolaus reiterated a "buy" rating and issued a $75.00 target price (up from $50.00) on shares of Credo Technology Group in a report on Tuesday, December 3rd. Finally, Barclays raised their target price on shares of Credo Technology Group from $32.00 to $80.00 and gave the stock an "overweight" rating in a report on Tuesday, December 3rd. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $67.33.
View Our Latest Analysis on CRDO
Insider Buying and Selling at Credo Technology Group
In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Friday, September 13th. The shares were sold at an average price of $28.22, for a total transaction of $1,552,100.00. Following the completion of the sale, the chief technology officer now owns 9,058,602 shares of the company's stock, valued at $255,633,748.44. This trade represents a 0.60 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider James Laufman sold 20,000 shares of the business's stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $31.36, for a total value of $627,200.00. Following the completion of the transaction, the insider now owns 302,466 shares in the company, valued at $9,485,333.76. This trade represents a 6.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,331,120 shares of company stock valued at $51,087,555 in the last three months. 16.04% of the stock is currently owned by company insiders.
About Credo Technology Group
(
Free Report)
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.
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