William Blair Investment Management LLC Sells 1,127,383 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

William Blair Investment Management LLC decreased its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 37.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 1,876,758 shares of the company’s stock after selling 1,127,383 shares during the quarter. William Blair Investment Management LLC’s holdings in Credo Technology Group were worth $126,137,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the business. JPMorgan Chase & Co. boosted its position in Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after buying an additional 909,578 shares in the last quarter. Point72 Asset Management L.P. boosted its position in Credo Technology Group by 73.6% in the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after buying an additional 1,660,230 shares in the last quarter. Swedbank AB boosted its position in Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after buying an additional 2,961,454 shares in the last quarter. Geode Capital Management LLC boosted its position in Credo Technology Group by 5.7% in the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after buying an additional 170,412 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after buying an additional 705,512 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $68.03, for a total value of $6,803,000.00. Following the completion of the sale, the chief operating officer now owns 400,000 shares of the company’s stock, valued at approximately $27,212,000. This represents a 20.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lip Bu Tan sold 150,000 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the completion of the sale, the director now directly owns 1,113,725 shares of the company’s stock, valued at $84,743,335.25. The trade was a 11.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,190,496 shares of company stock valued at $82,695,512 over the last ninety days. Insiders own 16.04% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Stifel Nicolaus boosted their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Needham & Company LLC reiterated a “buy” rating and set a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th. TD Cowen upped their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Mizuho upped their target price 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. Finally, Barclays upped their target price 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 target price of $74.90.

Credo Technology Group Price Performance

CRDO opened at $49.15 on Monday. The company has a market cap of $8.35 billion, a price-to-earnings ratio of -327.67 and a beta of 2.16. The firm has a 50 day simple moving average of $66.23 and a 200 day simple moving average of $52.77. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69.

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.