Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP lowered its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 41.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,686,016 shares of the company's stock after selling 1,177,229 shares during the quarter. Wellington Management Group LLP owned 0.99% of Credo Technology Group worth $113,317,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of CRDO. Centiva Capital LP purchased a new position in shares of Credo Technology Group during the third quarter worth approximately $553,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in 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 worth $7,507,000 after purchasing an additional 118,169 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in Credo Technology Group during the 4th quarter valued at $700,000. Pacer Advisors Inc. lifted its holdings in shares of Credo Technology Group by 30.2% in the 4th quarter. Pacer Advisors Inc. now owns 3,906 shares of the company's stock worth $263,000 after buying an additional 907 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Credo Technology Group by 3.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company's stock worth $79,289,000 after buying an additional 43,169 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

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Wall Street Analyst Weigh In

CRDO has been the subject of a number of research reports. The Goldman Sachs Group upped their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research note on Friday, January 10th. Mizuho lowered their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research report on Thursday. Barclays lifted their price objective 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. Needham & Company LLC restated a "buy" rating and set a $80.00 target price on shares of Credo Technology Group in a report on Wednesday, March 5th. Finally, Bank of America cut their price target on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $74.60.

Credo Technology Group Stock Performance

CRDO stock traded up $2.61 on Monday, hitting $35.91. 7,598,134 shares of the company's stock were exchanged, compared to its average volume of 3,431,079. The firm has a 50 day moving average price of $55.85 and a two-hundred day moving average price of $54.37. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69. The stock has a market cap of $6.10 billion, a P/E ratio of -239.40 and a beta of 2.30.

Insiders Place Their Bets

In related news, CTO Chi Fung Cheng sold 60,000 shares of the stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $72.09, for a total value of $4,325,400.00. Following the completion of the transaction, the chief technology officer now directly owns 8,388,602 shares of the company's stock, valued at $604,734,318.18. This trade represents a 0.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of the business's stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $72.61, for a total transaction of $275,191.90. Following the sale, the chief financial officer now directly owns 638,564 shares in the company, valued at approximately $46,366,132.04. This represents a 0.59 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 830,665 shares of company stock valued at $54,153,192. 16.04% of the stock is currently owned by corporate insiders.

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.