Renaissance Group LLC Sells 23,665 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Renaissance Group LLC decreased its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 18.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 106,155 shares of the company’s stock after selling 23,665 shares during the period. Renaissance Group LLC’s holdings in Credo Technology Group were worth $7,135,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Wellington Management Group LLP lifted its stake in shares of Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after acquiring an additional 705,512 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Credo Technology Group by 94.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock worth $7,507,000 after purchasing an additional 118,169 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter worth $700,000. Pacer Advisors Inc. lifted its holdings in shares of Credo Technology Group by 30.2% in the fourth quarter. Pacer Advisors Inc. now owns 3,906 shares of the company’s stock valued at $263,000 after purchasing an additional 907 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Credo Technology Group by 3.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company’s stock valued at $79,289,000 after acquiring an additional 43,169 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Insider Activity

In other news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $43.08, for a total value of $430,800.00. Following the transaction, the chief operating officer now directly owns 2,792,447 shares of the company’s stock, valued at $120,298,616.76. The trade was a 0.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Chi Fung Cheng sold 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $72.09, for a total value of $4,325,400.00. Following the completion of the transaction, the chief technology officer now directly owns 8,388,602 shares in the company, valued at approximately $604,734,318.18. This trade represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 830,665 shares of company stock valued at $54,153,192. 16.04% of the stock is currently owned by corporate insiders.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $35.91 on Tuesday. The firm has a market capitalization of $6.10 billion, a P/E ratio of -239.40 and a beta of 2.30. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The company’s 50 day moving average price is $55.85 and its two-hundred day moving average price is $54.37.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. Barclays increased their target price on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Mizuho dropped their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research note on Thursday, April 3rd. Finally, Bank of America dropped their price objective 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. Nine 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, Credo Technology Group has a consensus rating of “Buy” and a consensus price target of $74.60.

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.