Gotham Asset Management LLC Trims Stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Gotham Asset Management LLC reduced its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 83.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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 filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Nisa Investment Advisors LLC boosted its position in shares of Credo Technology Group by 8.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $225,000 after acquiring an additional 255 shares during the last quarter. CIBC Private Wealth Group LLC raised its stake in shares of Credo Technology Group by 51.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock valued at $75,000 after acquiring an additional 348 shares during the period. Amalgamated Bank increased its stake in Credo Technology Group by 9.4% in the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock worth $321,000 after buying an additional 411 shares during the period. Arizona State Retirement System increased 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 worth $2,751,000 after buying an additional 501 shares during the period. Finally, Prudential Financial Inc. increased its stake in Credo Technology Group by 6.0% in the 4th quarter. Prudential Financial Inc. now owns 9,843 shares of the company’s stock worth $662,000 after buying an additional 560 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the transaction, the chief operating officer now owns 1,000,000 shares of the company’s stock, valued at approximately $61,130,000. The trade was a 9.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $47.29, for a total transaction of $2,600,950.00. Following the completion of the transaction, the chief technology officer now directly owns 8,103,602 shares in the company, valued at $383,219,338.58. The trade was a 0.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 573,665 shares of company stock valued at $25,908,531 in the last 90 days. 16.04% of the stock is owned by insiders.

Credo Technology Group Stock Up 0.2%

Shares of CRDO opened at $62.11 on Wednesday. Credo Technology Group Holding Ltd has a 52-week low of $18.54 and a 52-week high of $86.69. The firm’s fifty day moving average is $44.97 and its two-hundred day moving average is $56.49. The stock has a market cap of $10.55 billion, a PE ratio of -414.07 and a beta of 2.29.

Analysts Set New Price Targets

Several research analysts have issued reports on CRDO shares. Barclays dropped their target price on shares of Credo Technology Group from $90.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Needham & Company LLC restated a “buy” rating and set a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Stifel Nicolaus cut their target price on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Finally, Bank of America cut their target price on shares of 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 research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $71.50.

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.