Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by Point72 Asset Management L.P.

Point72 Asset Management L.P. cut its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 21.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,084,621 shares of the company's stock after selling 831,826 shares during the period. Credo Technology Group makes up 0.5% of Point72 Asset Management L.P.'s investment portfolio, making the stock its 29th biggest holding. Point72 Asset Management L.P. owned 1.84% of Credo Technology Group worth $207,317,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Franklin Resources Inc. raised its stake 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 buying an additional 11,065 shares in the last quarter. JPMorgan Chase & Co. raised its stake 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 buying an additional 909,578 shares in the last quarter. SeaCrest Wealth Management LLC raised its stake in shares of Credo Technology Group by 63.0% during the 4th quarter. SeaCrest Wealth Management LLC now owns 19,985 shares of the company's stock worth $1,343,000 after buying an additional 7,724 shares in the last quarter. Sara Bay Financial purchased a new position in shares of Credo Technology Group during the 4th quarter worth approximately $320,000. Finally, HB Wealth Management LLC purchased a new position in shares of Credo Technology Group during the 4th quarter worth approximately $262,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $48.02, for a total transaction of $2,641,100.00. Following the completion of the transaction, the chief technology officer now owns 7,663,602 shares of the company's stock, valued at approximately $368,006,168.04. This trade represents a 0.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Daniel W. Fleming sold 3,790 shares of the firm's stock in a transaction on Friday, April 11th. The stock was sold at an average price of $40.75, for a total value of $154,442.50. Following the sale, the chief financial officer now owns 608,602 shares in the company, valued at $24,800,531.50. This trade represents a 0.62% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 573,665 shares of company stock valued at $25,908,531. Corporate insiders own 16.04% of the company's stock.

Credo Technology Group Price Performance

Credo Technology Group stock traded up $0.55 during mid-day trading on Friday, hitting $60.13. 2,874,498 shares of the company were exchanged, compared to its average volume of 3,690,780. The business's 50 day simple moving average is $44.34 and its two-hundred day simple moving average is $56.30. The company has a market capitalization of $10.21 billion, a P/E ratio of -400.87 and a beta of 2.29. Credo Technology Group Holding Ltd has a 12-month low of $18.54 and a 12-month high of $86.69.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CRDO shares. Susquehanna raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Bank of America dropped their price objective on 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. Barclays dropped their price objective on Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Stifel Nicolaus dropped their price objective on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Finally, 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. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Credo Technology Group has an average rating of "Buy" and a consensus price target of $71.50.

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.