Gotham Asset Management LLC Cuts Stock Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Gotham Asset Management LLC trimmed its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 83.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 4,466 shares of the company’s stock after selling 22,660 shares during the quarter. Gotham Asset Management LLC’s holdings in Credo Technology Group were worth $300,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in CRDO. Norges Bank purchased a new stake in shares of Credo Technology Group during the fourth quarter worth approximately $117,242,000. Alliancebernstein L.P. increased its stake in shares of Credo Technology Group by 299.9% during the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock worth $117,011,000 after buying an additional 1,305,594 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after buying an additional 909,578 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Credo Technology Group by 441.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company’s stock worth $65,594,000 after buying an additional 795,751 shares during the period. Finally, Elemental Capital Partners LLC purchased a new stake in shares of Credo Technology Group during the fourth quarter worth approximately $43,171,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Trading Up 0.2%

CRDO stock opened at $62.11 on Wednesday. The company has a market capitalization of $10.55 billion, a P/E ratio of -414.07 and a beta of 2.29. Credo Technology Group Holding Ltd has a twelve month low of $18.54 and a twelve month high of $86.69. The business has a 50 day simple moving average of $44.97 and a 200-day simple moving average of $56.49.

Insider Activity

In related news, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the completion of the sale, the chief operating officer now directly owns 1,000,000 shares of the company’s stock, valued at $61,130,000. This trade represents a 9.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $46.01, for a total value of $86,268.75. Following the sale, the director now directly owns 5,900,527 shares of the company’s stock, valued at approximately $271,483,247.27. This represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 573,665 shares of company stock valued at $25,908,531. 16.04% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Mizuho dropped their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a research note on Thursday, April 3rd. Stifel Nicolaus dropped their price target on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Bank of America dropped their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Credo Technology Group currently has an average rating of “Buy” and a consensus target price of $71.50.

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.