Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC reduced its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 21.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 79,987 shares of the company’s stock after selling 22,222 shares during the period. Mutual of America Capital Management LLC’s holdings in Credo Technology Group were worth $5,376,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Versor Investments LP purchased a new position in Credo Technology Group in the 4th quarter valued at approximately $207,000. Proficio Capital Partners LLC purchased a new position in Credo Technology Group in the 4th quarter valued at approximately $700,000. Los Angeles Capital Management LLC increased its stake in Credo Technology Group by 20.3% in the 4th quarter. Los Angeles Capital Management LLC now owns 22,061 shares of the company’s stock valued at $1,483,000 after purchasing an additional 3,725 shares in the last quarter. Amalgamated Bank increased its stake in Credo Technology Group by 9.4% in the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock valued at $321,000 after purchasing an additional 411 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Credo Technology Group by 7.0% in the 4th quarter. Bank of New York Mellon Corp now owns 562,382 shares of the company’s stock valued at $37,798,000 after purchasing an additional 36,949 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Credo Technology Group

In related news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction on 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 transaction, the director now owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. This trade represents a 11.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Friday, December 20th. The shares were sold at an average price of $68.04, for a total value of $3,742,200.00. Following the completion of the transaction, the chief technology officer now owns 8,508,602 shares in the company, valued at $578,925,280.08. The trade was a 0.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,338,175 shares of company stock worth $92,697,698 over the last quarter. 16.04% of the stock is currently owned by insiders.

Analysts Set New Price Targets

CRDO has been the subject of several research analyst reports. TD Cowen raised their price objective on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Stifel Nicolaus raised their price target on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price target for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. The Goldman Sachs Group raised their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Finally, Susquehanna began coverage on Credo Technology Group in a research report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price target for the company. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $76.40.

Credo Technology Group Stock Down 8.6 %

CRDO stock opened at $50.42 on Tuesday. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69. The stock’s fifty day simple moving average is $70.63 and its 200-day simple moving average is $52.03. The stock has a market capitalization of $8.43 billion, a price-to-earnings ratio of -336.13 and a beta of 2.09.

Credo Technology Group Company 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.