Connors Investor Services Inc. Lowers Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Connors Investor Services Inc. cut its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 42.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 61,282 shares of the company's stock after selling 44,680 shares during the quarter. Connors Investor Services Inc.'s holdings in Credo Technology Group were worth $4,119,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of CRDO. Franklin Resources Inc. increased its position in shares of Credo Technology Group by 17.9% during the 3rd quarter. Franklin Resources Inc. now owns 73,037 shares of the company's stock worth $2,250,000 after purchasing an additional 11,065 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Credo Technology Group by 22.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company's stock worth $61,415,000 after purchasing an additional 368,518 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock worth $404,797,000 after purchasing an additional 909,578 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Credo Technology Group by 56.3% during the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company's stock worth $65,000 after purchasing an additional 351 shares during the last quarter. Finally, Everence Capital Management Inc. acquired a new stake in shares of Credo Technology Group during the 4th quarter worth about $252,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Barclays lowered their target price on Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Susquehanna upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Needham & Company LLC reiterated a "buy" rating and issued a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. Stifel Nicolaus dropped their price objective on shares of Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Finally, The Goldman Sachs Group increased their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research report on Friday, January 10th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $71.50.

Insider Buying and Selling

In related news, insider James Laufman sold 8,000 shares of the stock in a transaction on Monday, April 14th. The shares were sold at an average price of $39.09, for a total transaction of $312,720.00. Following the completion of the sale, the insider now owns 271,725 shares in the company, valued at $10,621,730.25. This represents a 2.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $47.29, for a total transaction of $2,600,950.00. Following the completion of the sale, the chief technology officer now owns 8,103,602 shares of the company's stock, valued at $383,219,338.58. This trade represents a 0.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 518,665 shares of company stock worth $23,306,713 in the last 90 days. Company insiders own 16.04% of the company's stock.

Credo Technology Group Stock Up 5.8 %

NASDAQ:CRDO traded up $2.49 during trading hours on Thursday, reaching $45.54. 3,853,925 shares of the company's stock were exchanged, compared to its average volume of 3,578,511. The firm has a market capitalization of $7.73 billion, a price-to-earnings ratio of -303.60 and a beta of 2.30. The company has a 50-day moving average of $43.77 and a 200 day moving average of $54.89. Credo Technology Group Holding Ltd has a 1-year low of $16.91 and a 1-year 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.