Mitsubishi UFJ Asset Management Co. Ltd. Cuts Stock Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Mitsubishi UFJ Asset Management Co. Ltd. trimmed its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 63.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,000 shares of the company’s stock after selling 81,200 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Credo Technology Group were worth $3,330,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Nisa Investment Advisors LLC lifted its stake in Credo Technology Group by 8.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $225,000 after buying an additional 255 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after acquiring an additional 351 shares during the last quarter. Amalgamated Bank increased its position in shares of Credo Technology Group by 9.4% during the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock worth $321,000 after purchasing an additional 411 shares in the last quarter. Arizona State Retirement System raised its stake in Credo Technology Group by 1.2% in the 4th quarter. Arizona State Retirement System now owns 40,931 shares of the company’s stock valued at $2,751,000 after purchasing an additional 501 shares during the last quarter. Finally, Prudential Financial Inc. lifted its holdings in Credo Technology Group by 6.0% in the 4th quarter. Prudential Financial Inc. now owns 9,843 shares of the company’s stock valued at $662,000 after purchasing an additional 560 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th. Barclays increased their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. TD Cowen upped their price target 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. Mizuho lifted their price objective on 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, Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Credo Technology Group currently has an average rating of “Buy” and a consensus price target of $74.90.

Credo Technology Group Trading Up 3.9 %

Shares of NASDAQ:CRDO opened at $41.72 on Wednesday. The business has a 50-day moving average price of $58.98 and a 200 day moving average price of $54.10. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69. The company has a market capitalization of $7.08 billion, a price-to-earnings ratio of -278.13 and a beta of 2.16.

Insider Activity

In other news, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction on Friday, January 31st. The stock was sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the sale, the director now directly owns 5,902,402 shares of the company’s stock, valued at approximately $395,224,837.92. The trade was a 0.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $73.26, for a total value of $7,326,000.00. Following the completion of the sale, the chief operating officer now owns 200,000 shares in the company, valued at $14,652,000. This represents a 33.33 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,030,665 shares of company stock valued at $69,289,092. Company insiders own 16.04% of the company’s stock.

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.