Fox Run Management L.L.C. Sells 23,762 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Fox Run Management L.L.C. lowered its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 85.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,896 shares of the company’s stock after selling 23,762 shares during the quarter. Fox Run Management L.L.C.’s holdings in Credo Technology Group were worth $262,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. KLP Kapitalforvaltning AS purchased a new position in Credo Technology Group in the fourth quarter worth about $1,922,000. Sei Investments Co. lifted its stake in shares of Credo Technology Group by 54.8% in the 4th quarter. Sei Investments Co. now owns 52,968 shares of the company’s stock valued at $3,560,000 after purchasing an additional 18,756 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of Credo Technology Group in the 4th quarter worth approximately $5,878,000. Mindset Wealth Management LLC bought a new position in shares of Credo Technology Group during the 4th quarter valued at approximately $225,000. Finally, Berkshire Capital Holdings Inc. purchased a new stake in Credo Technology Group during the 4th quarter valued at $8,093,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $49.77, for a total transaction of $2,737,350.00. Following the transaction, the chief technology officer now directly owns 8,048,602 shares in the company, valued at $400,578,921.54. This represents a 0.68 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction dated Monday, December 30th. The shares were 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 of the company’s stock, valued at approximately $20,856,000. This represents a 25.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,120,665 shares of company stock valued at $75,788,792. 16.04% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. TD Cowen lifted their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Needham & Company LLC reiterated a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. Barclays raised their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. The Goldman Sachs Group upped their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Finally, Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $74.90.

Credo Technology Group Stock Down 5.6 %

CRDO opened at $42.43 on Friday. The stock’s fifty day moving average is $61.36 and its two-hundred day moving average is $53.42. The company has a market capitalization of $7.20 billion, a P/E ratio of -282.87 and a beta of 2.16. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69.

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.