Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by Primecap Management Co. CA

Primecap Management Co. CA trimmed its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 22.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 539,300 shares of the company’s stock after selling 159,600 shares during the period. Primecap Management Co. CA owned approximately 0.32% of Credo Technology Group worth $36,246,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Cibc World Markets Corp acquired a new stake in shares of Credo Technology Group during the 4th quarter valued at $881,000. SlateStone Wealth LLC acquired a new stake in shares of Credo Technology Group during the 4th quarter valued at $1,348,000. Corient Private Wealth LLC acquired a new stake in shares of Credo Technology Group during the 4th quarter valued at $223,000. Commonwealth Equity Services LLC acquired a new stake in shares of Credo Technology Group during the 4th quarter valued at $444,000. Finally, Swiss National Bank lifted its position in shares of Credo Technology Group by 1.3% during the 4th quarter. Swiss National Bank now owns 277,616 shares of the company’s stock valued at $18,659,000 after acquiring an additional 3,500 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Trading Down 6.3 %

NASDAQ CRDO opened at $44.07 on Wednesday. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $86.69. The company has a market capitalization of $7.48 billion, a PE ratio of -293.80 and a beta of 2.16. The firm’s fifty day simple moving average is $65.02 and its 200-day simple moving average is $52.92.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CRDO. TD Cowen increased their price objective on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Stifel Nicolaus boosted their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Barclays boosted their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Craig Hallum boosted their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Finally, Mizuho boosted their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $74.90.

Insider Transactions at Credo Technology Group

In other news, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total value of $6,113,000.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the transaction, the director now directly owns 1,113,725 shares in the company, valued at $84,743,335.25. The trade was a 11.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,186,706 shares of company stock valued at $82,430,478. 16.04% of the stock is owned by insiders.

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.