Counterpoint Mutual Funds LLC Has $280,000 Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Counterpoint Mutual Funds LLC lessened its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 46.9% in the 4th quarter, HoldingsChannel.com reports. The firm owned 4,165 shares of the company’s stock after selling 3,676 shares during the quarter. Counterpoint Mutual Funds LLC’s holdings in Credo Technology Group were worth $280,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Kestra Investment Management LLC acquired a new position in Credo Technology Group in the fourth quarter worth about $38,000. WASHINGTON TRUST Co acquired a new position in Credo Technology Group in the fourth quarter worth about $43,000. Principal Securities Inc. raised its position in Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after purchasing an additional 576 shares in the last quarter. Plato Investment Management Ltd acquired a new position in Credo Technology Group in the fourth quarter worth about $61,000. Finally, GAMMA Investing LLC raised its position in Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after purchasing an additional 351 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Price Performance

CRDO stock opened at $44.07 on Wednesday. The company has a 50 day moving average price of $65.02 and a 200 day moving average price of $52.92. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The stock has a market capitalization of $7.48 billion, a PE ratio of -293.80 and a beta of 2.16.

Insider Buying and Selling

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction on Friday, January 10th. The shares were sold at an average price of $72.61, for a total transaction of $275,191.90. Following the completion of the sale, the chief financial officer now owns 638,564 shares of the company’s stock, valued at approximately $46,366,132.04. The trade was a 0.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Pantas Sutardja sold 21,041 shares of Credo Technology Group stock in a transaction on Friday, December 20th. The stock was sold at an average price of $68.19, for a total transaction of $1,434,785.79. Following the sale, the director now directly owns 5,904,277 shares of the company’s stock, valued at $402,612,648.63. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,186,706 shares of company stock worth $82,430,478 in the last quarter. Insiders own 16.04% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CRDO shares. The Goldman Sachs Group increased 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 report on Friday, January 10th. Bank of America cut their target price on shares of 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. Stifel Nicolaus lifted their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $80.00 target price on shares of Credo Technology Group in a research note on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group currently has a consensus rating of “Buy” and an average price target of $74.90.

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.