Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock Holdings Lowered by Amundi

Amundi reduced its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 36.2% during the fourth quarter, Holdings Channel reports. The firm owned 288,594 shares of the company’s stock after selling 164,052 shares during the period. Amundi’s holdings in Credo Technology Group were worth $21,073,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CRDO. Assetmark Inc. raised its holdings in shares of Credo Technology Group by 5.4% in the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock worth $153,000 after purchasing an additional 257 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Credo Technology Group in the 3rd quarter worth approximately $565,000. GSA Capital Partners LLP bought a new stake in shares of Credo Technology Group in the 3rd quarter worth approximately $671,000. Aigen Investment Management LP bought a new stake in shares of Credo Technology Group in the 3rd quarter worth approximately $271,000. Finally, CloudAlpha Capital Management Limited Hong Kong increased its position in shares of Credo Technology Group by 58.2% in the third quarter. CloudAlpha Capital Management Limited Hong Kong now owns 180,940 shares of the company’s stock worth $5,573,000 after acquiring an additional 66,546 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Stock Down 5.4 %

CRDO stock opened at $44.95 on Friday. The company has a market capitalization of $7.52 billion, a price-to-earnings ratio of -299.67 and a beta of 2.16. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $86.69. The firm has a 50 day moving average of $66.70 and a two-hundred day moving average of $52.42.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CRDO. Stifel Nicolaus lifted their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Mizuho lifted 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. Needham & Company LLC reissued a “buy” rating and issued a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th. Barclays lifted their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Finally, The Goldman Sachs Group lifted their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $74.90.

Insiders Place Their Bets

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total value of $6,113,000.00. Following the completion of the sale, the chief operating officer now directly owns 1,000,000 shares of the company’s stock, valued at $61,130,000. The trade was a 9.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $57.87, for a total transaction of $3,182,850.00. Following the completion of the sale, the chief technology officer now directly owns 8,213,602 shares of the company’s stock, valued at $475,321,147.74. This represents a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,190,496 shares of company stock valued at $82,695,512 over the last ninety days. Corporate insiders own 16.04% of the company’s stock.

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.