Primecap Management Co. CA Sells 159,600 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Primecap Management Co. CA trimmed its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 22.8% in the fourth quarter, Holdings Channel reports. The fund owned 539,300 shares of the company’s stock after selling 159,600 shares during the quarter. Primecap Management Co. CA’s holdings in Credo Technology Group were worth $36,246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of CRDO. Point72 Hong Kong Ltd bought a new stake in shares of Credo Technology Group in the third quarter valued at about $3,948,000. Wellington Management Group LLP lifted its stake in shares of Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after buying an additional 705,512 shares during the period. Centiva Capital LP bought a new stake in shares of Credo Technology Group in the third quarter valued at about $553,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Credo Technology Group by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after buying an additional 95,335 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Credo Technology Group by 94.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after buying an additional 118,169 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Trading Down 6.3 %

NASDAQ CRDO opened at $44.07 on Wednesday. The firm has a market cap of $7.48 billion, a price-to-earnings ratio of -293.80 and a beta of 2.16. The company has a 50 day moving average of $65.02 and a 200-day moving average of $52.92. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $86.69.

Insider Transactions at Credo Technology Group

In related news, Director Pantas Sutardja sold 1,875 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the transaction, the director now owns 5,902,402 shares in the company, valued at $395,224,837.92. The trade was a 0.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lip Bu Tan sold 150,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the completion of the transaction, the director now owns 1,113,725 shares of the company’s stock, valued at $84,743,335.25. This trade represents a 11.87 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,186,706 shares of company stock valued at $82,430,478. Corporate insiders own 16.04% of the company’s stock.

Analyst Ratings Changes

CRDO has been the subject of several research reports. Craig Hallum increased their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Needham & Company LLC restated a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Barclays raised their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. The Goldman Sachs Group raised their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Finally, Mizuho raised their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Nine 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 target price of $74.90.

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.