Dimensional Fund Advisors LP Reduces Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Dimensional Fund Advisors LP cut its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 22.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,744,759 shares of the company's stock after selling 504,199 shares during the quarter. Dimensional Fund Advisors LP owned about 1.04% of Credo Technology Group worth $117,286,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Norges Bank purchased a new position in Credo Technology Group during the fourth quarter worth about $117,242,000. Alliancebernstein L.P. boosted its position in shares of Credo Technology Group by 299.9% during the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock worth $117,011,000 after purchasing an additional 1,305,594 shares during the period. JPMorgan Chase & Co. increased its holdings in Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock valued at $404,797,000 after purchasing an additional 909,578 shares during the last quarter. Elemental Capital Partners LLC purchased a new stake in Credo Technology Group in the fourth quarter valued at approximately $43,171,000. Finally, Invesco Ltd. lifted its stake in Credo Technology Group by 589.7% during the fourth quarter. Invesco Ltd. now owns 535,684 shares of the company's stock worth $36,003,000 after purchasing an additional 458,015 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Credo Technology Group

In other news, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction dated 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 sale, the chief operating officer now owns 1,000,000 shares in the company, valued at approximately $61,130,000. The trade was a 9.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider James Laufman sold 8,000 shares of Credo Technology Group stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $39.09, for a total value of $312,720.00. Following the sale, the insider now owns 271,725 shares in the company, valued at $10,621,730.25. This trade represents a 2.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 518,665 shares of company stock worth $23,306,713 over the last ninety days. Corporate insiders own 16.04% of the company's stock.

Wall Street Analyst Weigh In

CRDO has been the subject of several research analyst reports. Barclays lowered their price target on Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Mizuho lowered their price target on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Bank of America lowered their price target on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Stifel Nicolaus lowered their price target on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Finally, Susquehanna upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Credo Technology Group presently has an average rating of "Buy" and a consensus price target of $71.50.

Credo Technology Group Trading Down 0.4 %

NASDAQ:CRDO traded down $0.16 during midday trading on Wednesday, reaching $43.05. The company had a trading volume of 3,017,136 shares, compared to its average volume of 3,568,526. Credo Technology Group Holding Ltd has a 12-month low of $16.91 and a 12-month high of $86.69. The firm has a market capitalization of $7.31 billion, a price-to-earnings ratio of -287.00 and a beta of 2.30. The stock's fifty day simple moving average is $44.24 and its 200-day simple moving average is $54.97.

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.