SG Americas Securities LLC Reduces Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

SG Americas Securities LLC trimmed its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 64.6% during the 4th quarter, HoldingsChannel.com reports. The firm owned 3,508 shares of the company’s stock after selling 6,393 shares during the period. SG Americas Securities LLC’s holdings in Credo Technology Group were worth $236,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CRDO. Point72 Hong Kong Ltd acquired a new stake in Credo Technology Group in the 3rd quarter valued at approximately $3,948,000. Wellington Management Group LLP increased its position in shares of Credo Technology Group by 32.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after purchasing an additional 705,512 shares during the last quarter. Centiva Capital LP acquired a new stake in Credo Technology Group in the third quarter valued at $553,000. Charles Schwab Investment Management Inc. lifted its stake in Credo Technology Group by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after purchasing an additional 95,335 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Credo Technology Group by 94.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after buying an additional 118,169 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insider Buying and Selling

In other news, COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $58.66, for a total transaction of $5,866,000.00. Following the completion of the sale, the chief operating officer now directly owns 2,825,621 shares in the company, valued at $165,750,927.86. This trade represents a 3.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $66.96, for a total value of $125,550.00. Following the sale, the director now owns 5,902,402 shares in the company, valued at $395,224,837.92. This represents a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,305,679 shares of company stock valued at $89,862,242. 16.04% of the stock is currently owned by corporate insiders.

Credo Technology Group Trading Up 0.1 %

Shares of Credo Technology Group stock opened at $79.64 on Friday. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69. The stock has a market capitalization of $13.32 billion, a P/E ratio of -530.93 and a beta of 2.09. The business’s fifty day moving average price is $70.22 and its 200 day moving average price is $46.85.

Wall Street Analysts Forecast Growth

CRDO has been the topic of several research analyst reports. Needham & Company LLC lifted their price target on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Craig Hallum boosted their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Barclays raised their price objective on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Roth Mkm increased their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Finally, TD Cowen boosted their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $76.40.

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.