Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. reduced its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 42.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 95,280 shares of the company’s stock after selling 70,240 shares during the period. Hillsdale Investment Management Inc.’s holdings in Credo Technology Group were worth $6,404,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. lifted its position in Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after purchasing an additional 1,001 shares during the period. Kestra Investment Management LLC acquired a new position in Credo Technology Group during the fourth quarter valued at $38,000. WASHINGTON TRUST Co acquired a new position in Credo Technology Group during the fourth quarter valued at $43,000. Principal Securities Inc. lifted its position in Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after purchasing an additional 576 shares during the period. Finally, Larson Financial Group LLC lifted its position in Credo Technology Group by 240.0% during the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after purchasing an additional 1,399 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $47.29, for a total transaction of $2,600,950.00. Following the completion of the sale, the chief technology officer now owns 8,103,602 shares of the company’s stock, valued at approximately $383,219,338.58. This represents a 0.67 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the sale, the chief operating officer now directly owns 1,000,000 shares of the company’s stock, valued at approximately $61,130,000. This represents a 9.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,065,665 shares of company stock valued at $73,051,442 over the last 90 days. Corporate insiders own 16.04% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CRDO. Bank of America decreased their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Mizuho upped their price objective 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 reiterated a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a research report on Wednesday, March 5th. Stifel Nicolaus upped their price objective 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. Finally, Barclays upped their price objective 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. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $74.90.

Credo Technology Group Stock Down 0.3 %

CRDO stock opened at $46.34 on Friday. The stock has a market capitalization of $7.87 billion, a P/E ratio of -308.93 and a beta of 2.16. The firm has a 50-day simple moving average of $63.41 and a 200-day simple moving average of $52.91. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69.

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.