Emerald Mutual Fund Advisers Trust Sells 334,175 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Emerald Mutual Fund Advisers Trust lessened its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 28.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 849,637 shares of the company's stock after selling 334,175 shares during the period. Credo Technology Group accounts for approximately 3.5% of Emerald Mutual Fund Advisers Trust's investment portfolio, making the stock its biggest position. Emerald Mutual Fund Advisers Trust owned about 0.51% of Credo Technology Group worth $57,104,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of CRDO. JPMorgan Chase & Co. grew its position in Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock worth $404,797,000 after acquiring an additional 909,578 shares during the period. Geode Capital Management LLC grew its holdings in shares of Credo Technology Group by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company's stock worth $222,884,000 after purchasing an additional 138,686 shares during the period. 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. Norges Bank purchased a new stake in Credo Technology Group in the 4th quarter valued at about $117,242,000. Finally, Alliancebernstein L.P. lifted its position in Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock valued at $117,011,000 after buying an additional 1,305,594 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of research analyst reports. Barclays reduced their price target on shares of Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Needham & Company LLC restated a "buy" rating and set a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Bank of America cut their price objective on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. Stifel Nicolaus lowered their target price on 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, Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $71.50.

Insider Buying and Selling

In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Monday, April 28th. The shares were sold at an average price of $42.95, for a total value of $2,362,250.00. Following the transaction, the chief technology officer now directly owns 7,718,602 shares of the company's stock, valued at $331,513,955.90. This trade represents a 0.71 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Daniel W. Fleming sold 3,790 shares of the business's stock in a transaction on Friday, April 11th. The shares were sold at an average price of $40.75, for a total transaction of $154,442.50. Following the completion of the sale, the chief financial officer now directly owns 608,602 shares of the company's stock, valued at approximately $24,800,531.50. This trade represents a 0.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 518,665 shares of company stock worth $23,306,713 over the last 90 days. 16.04% of the stock is owned by insiders.

Credo Technology Group Stock Down 0.4 %

Credo Technology Group stock traded down $0.16 during midday trading on Wednesday, reaching $43.05. The company's stock had a trading volume of 3,017,136 shares, compared to its average volume of 3,568,525. The business has a 50-day simple moving average of $44.24 and a 200-day simple moving average of $54.97. The company has a market cap of $7.31 billion, a P/E ratio of -287.00 and a beta of 2.30. Credo Technology Group Holding Ltd has a fifty-two week low of $16.91 and a fifty-two week high of $86.69.

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.