Voya Investment Management LLC Has $2.79 Million Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Voya Investment Management LLC cut its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 66.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,531 shares of the company's stock after selling 82,364 shares during the quarter. Voya Investment Management LLC's holdings in Credo Technology Group were worth $2,791,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its position in Credo Technology Group by 441.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock valued at $65,594,000 after purchasing an additional 795,751 shares during the last quarter. Hsbc Holdings PLC grew its position in Credo Technology Group by 160.4% in the fourth quarter. Hsbc Holdings PLC now owns 40,049 shares of the company's stock worth $2,756,000 after buying an additional 24,667 shares during the last quarter. Stifel Financial Corp raised its position in shares of Credo Technology Group by 22.0% during the fourth quarter. Stifel Financial Corp now owns 155,673 shares of the company's stock worth $10,463,000 after purchasing an additional 28,100 shares during the period. MetLife Investment Management LLC raised its holdings in Credo Technology Group by 14.2% during the 4th quarter. MetLife Investment Management LLC now owns 84,079 shares of the company's stock worth $5,651,000 after buying an additional 10,483 shares during the period. Finally, First Trust Advisors LP lifted its position in shares of Credo Technology Group by 3.6% in the 4th quarter. First Trust Advisors LP now owns 183,870 shares of the company's stock valued at $12,358,000 after acquiring an additional 6,340 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRDO has been the subject of a number of research reports. Stifel Nicolaus decreased their price objective 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. Susquehanna upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Needham & Company LLC reaffirmed a "buy" rating and set a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Bank of America decreased their target price 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. Finally, The Goldman Sachs Group upped their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research report on Friday, January 10th. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $71.50.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $32.96, for a total value of $1,812,800.00. Following the sale, the chief technology officer now owns 7,938,602 shares of the company's stock, valued at $261,656,321.92. This trade represents a 0.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of the company's stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $61.13, for a total value of $6,113,000.00. Following the transaction, the chief operating officer now directly owns 1,000,000 shares of the company's stock, valued at $61,130,000. This represents a 9.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 518,665 shares of company stock worth $23,267,431. Company insiders own 16.04% of the company's stock.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock traded down $0.89 during trading hours on Tuesday, hitting $47.80. The company's stock had a trading volume of 2,844,602 shares, compared to its average volume of 3,587,377. Credo Technology Group Holding Ltd has a 12 month low of $16.91 and a 12 month high of $86.69. The company has a market capitalization of $8.12 billion, a PE ratio of -318.65 and a beta of 2.29. The stock has a 50 day moving average of $43.05 and a 200 day moving average of $55.35.

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.