Credo Technology Group Holding Ltd (NASDAQ:CRDO) is Emerald Advisers LLC’s Largest Position

Emerald Advisers LLC decreased its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 13.6% in the 4th quarter, Holdings Channel reports. The institutional investor owned 1,376,927 shares of the company’s stock after selling 216,155 shares during the period. Credo Technology Group makes up approximately 3.6% of Emerald Advisers LLC’s portfolio, making the stock its biggest position. Emerald Advisers LLC’s holdings in Credo Technology Group were worth $92,543,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. LPL Financial LLC grew its holdings in Credo Technology Group by 37.5% in the 4th quarter. LPL Financial LLC now owns 48,936 shares of the company’s stock valued at $3,289,000 after buying an additional 13,341 shares during the period. KLP Kapitalforvaltning AS acquired a new position in shares of Credo Technology Group in the 4th quarter valued at about $1,922,000. Sei Investments Co. lifted its stake in shares of Credo Technology Group by 54.8% in the 4th quarter. Sei Investments Co. now owns 52,968 shares of the company’s stock valued at $3,560,000 after purchasing an additional 18,756 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of Credo Technology Group in the 4th quarter valued at about $5,878,000. Finally, Mindset Wealth Management LLC acquired a new position in shares of Credo Technology Group in the 4th quarter valued at about $225,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insiders Place Their Bets

In other news, COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $69.52, for a total value of $6,952,000.00. Following the completion of the sale, the chief operating officer now directly owns 300,000 shares in the company, valued at approximately $20,856,000. The trade was a 25.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $76.09, for a total value of $11,413,500.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,065,665 shares of company stock worth $73,051,442 in the last three months. 16.04% of the stock is owned by insiders.

Credo Technology Group Stock Down 0.3 %

CRDO stock opened at $46.34 on Friday. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69. The stock’s 50 day moving average is $63.41 and its two-hundred day moving average is $53.06. The company has a market capitalization of $7.87 billion, a PE ratio of -308.93 and a beta of 2.16.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CRDO shares. Barclays lifted their price objective on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. 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 reduced their price target on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Stifel Nicolaus boosted their price target on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Finally, Needham & Company LLC reissued a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Credo Technology Group currently 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.