Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by State Street Corp

State Street Corp reduced its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 3.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,365,859 shares of the company’s stock after selling 165,718 shares during the period. State Street Corp owned 2.63% of Credo Technology Group worth $134,468,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in CRDO. Point72 Asset Management L.P. boosted its position in Credo Technology Group by 73.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after purchasing an additional 1,660,230 shares during the period. Driehaus Capital Management LLC boosted its holdings in shares of Credo Technology Group by 3.1% during the second quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock valued at $121,097,000 after acquiring an additional 115,271 shares during the period. Swedbank AB grew its position in shares of Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after acquiring an additional 2,961,454 shares during the last quarter. D. E. Shaw & Co. Inc. increased its holdings in shares of Credo Technology Group by 9.1% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 2,431,433 shares of the company’s stock worth $77,660,000 after acquiring an additional 203,739 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Credo Technology Group by 13.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company’s stock valued at $67,473,000 after purchasing an additional 242,428 shares during the last quarter. 80.46% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Lip Bu Tan sold 3,799 shares of the stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.73, for a total value of $268,703.27. Following the completion of the transaction, the director now owns 1,709,926 shares in the company, valued at $120,943,065.98. This trade represents a 0.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the sale, the chief executive officer now directly owns 2,370,858 shares of the company’s stock, valued at $160,388,543.70. This represents a 5.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,276,120 shares of company stock worth $49,535,455 in the last ninety days. 16.04% of the stock is currently owned by corporate insiders.

Credo Technology Group Trading Up 11.0 %

Shares of Credo Technology Group stock opened at $75.95 on Friday. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $76.53. The company’s 50-day moving average price is $46.69 and its two-hundred day moving average price is $35.46. The stock has a market cap of $12.70 billion, a PE ratio of -506.33 and a beta of 2.26.

Analysts Set New Price Targets

Several research analysts have commented on CRDO shares. Stifel Nicolaus restated a “buy” rating and issued a $75.00 target price (up previously from $50.00) on shares of Credo Technology Group in a research report on Tuesday, December 3rd. Needham & Company LLC raised their target price 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 boosted their price target on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Barclays raised their price target on Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Finally, The Goldman Sachs Group upped their price objective on shares of Credo Technology Group from $31.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $67.33.

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.