Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock Holdings Reduced by Emerald Advisers LLC

Emerald Advisers LLC reduced its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 13.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,376,927 shares of the company’s stock after selling 216,155 shares during the period. Credo Technology Group accounts for about 3.6% of Emerald Advisers LLC’s holdings, making the stock its biggest position. Emerald Advisers LLC owned 0.82% of Credo Technology Group worth $92,543,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Kestra Investment Management LLC purchased a new position in Credo Technology Group in the fourth quarter valued at approximately $38,000. WASHINGTON TRUST Co purchased a new position in Credo Technology Group in the fourth quarter valued at approximately $43,000. Principal Securities Inc. boosted its holdings in shares of Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after acquiring an additional 576 shares during the period. Plato Investment Management Ltd acquired a new stake in shares of Credo Technology Group in the fourth quarter valued at approximately $61,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after acquiring an additional 351 shares during the period. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Needham & Company LLC reissued a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Mizuho increased their price target on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Bank of America reduced their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Finally, The Goldman Sachs Group raised their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a 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. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $74.90.

Insider Activity

In related news, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $69.52, for a total transaction of $6,952,000.00. Following the completion of the sale, the chief operating officer now owns 300,000 shares in the company, valued at approximately $20,856,000. This trade represents a 25.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $76.09, for a total value of $11,413,500.00. Following the sale, the director now owns 1,113,725 shares of the company’s stock, valued at approximately $84,743,335.25. This represents a 11.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,065,665 shares of company stock worth $73,051,442 over the last 90 days. 16.04% of the stock is currently owned by corporate insiders.

Credo Technology Group Stock Down 0.3 %

Shares of CRDO stock opened at $46.34 on Friday. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The stock has a market cap of $7.87 billion, a P/E ratio of -308.93 and a beta of 2.16. The business has a fifty day simple moving average of $63.41 and a 200-day simple moving average of $53.06.

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.