Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by William Blair Investment Management LLC

William Blair Investment Management LLC decreased its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 37.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,876,758 shares of the company’s stock after selling 1,127,383 shares during the quarter. William Blair Investment Management LLC owned 1.12% of Credo Technology Group worth $126,137,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Assetmark Inc. boosted its stake in Credo Technology Group by 5.4% in the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock worth $153,000 after purchasing an additional 257 shares during the period. Los Angeles Capital Management LLC acquired a new position in Credo Technology Group in the 3rd quarter worth approximately $565,000. GSA Capital Partners LLP acquired a new position in Credo Technology Group in the 3rd quarter worth approximately $671,000. Natixis Advisors LLC boosted its stake in Credo Technology Group by 3.3% in the 3rd quarter. Natixis Advisors LLC now owns 28,833 shares of the company’s stock worth $888,000 after purchasing an additional 934 shares during the period. Finally, Swiss National Bank boosted its stake in Credo Technology Group by 0.4% in the 3rd quarter. Swiss National Bank now owns 274,116 shares of the company’s stock worth $8,443,000 after purchasing an additional 1,100 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on CRDO. Mizuho raised their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Stifel Nicolaus raised their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. The Goldman Sachs Group lifted their target price on shares of 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, Bank of America decreased 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 research note on Wednesday, March 5th. Nine equities research 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, the stock has a consensus rating of “Buy” and an average price target of $74.90.

Insider Activity at Credo Technology Group

In related news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction on Monday, January 6th. The shares were sold at an average price of $76.09, for a total value of $11,413,500.00. Following the completion of the sale, the director now owns 1,113,725 shares of the company’s stock, valued at approximately $84,743,335.25. The trade was a 11.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Friday, December 20th. The stock was sold at an average price of $68.04, for a total transaction of $3,742,200.00. Following the completion of the transaction, the chief technology officer now owns 8,508,602 shares in the company, valued at $578,925,280.08. This trade represents a 0.64 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,190,496 shares of company stock valued at $82,695,512. Insiders own 16.04% of the company’s stock.

Credo Technology Group Trading Up 9.3 %

CRDO stock opened at $49.15 on Monday. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $86.69. The company has a fifty day simple moving average of $66.23 and a 200 day simple moving average of $52.77. The firm has a market cap of $8.35 billion, a PE ratio of -327.67 and a beta of 2.16.

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.