Calamos Advisors LLC Sells 24,542 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Calamos Advisors LLC cut its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 59.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,840 shares of the company’s stock after selling 24,542 shares during the period. Calamos Advisors LLC’s holdings in Credo Technology Group were worth $1,132,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. Renaissance Capital LLC acquired a new position in shares of Credo Technology Group during the fourth quarter worth $9,601,000. China Universal Asset Management Co. Ltd. acquired a new position in Credo Technology Group during the 4th quarter valued at about $1,311,000. Fortitude Advisory Group L.L.C. acquired a new position in shares of Credo Technology Group during the fourth quarter valued at about $349,000. Pacer Advisors Inc. increased its holdings in shares of Credo Technology Group by 30.2% during the fourth quarter. Pacer Advisors Inc. now owns 3,906 shares of the company’s stock valued at $263,000 after acquiring an additional 907 shares in the last quarter. Finally, KBC Group NV increased its holdings in shares of Credo Technology Group by 48.1% during the fourth quarter. KBC Group NV now owns 5,661 shares of the company’s stock valued at $380,000 after acquiring an additional 1,839 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $47.37, for a total value of $2,605,350.00. Following the sale, the chief technology officer now directly owns 8,728,602 shares in the company, valued at approximately $413,473,876.74. The trade was a 0.63 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Daniel W. Fleming sold 12,504 shares of Credo Technology Group stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $48.48, for a total value of $606,193.92. Following the completion of the sale, the chief financial officer now owns 656,456 shares in the company, valued at approximately $31,824,986.88. The trade was a 1.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,360,679 shares of company stock worth $92,467,592 over the last 90 days. 16.04% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Susquehanna assumed coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price target on the stock. TD Cowen upped their target price on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. The Goldman Sachs Group increased their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Barclays increased their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Finally, Mizuho increased their price objective 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. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and an average price target of $76.40.

Credo Technology Group Stock Up 4.4 %

NASDAQ:CRDO opened at $79.59 on Thursday. 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 price is $70.22 and its 200-day moving average price is $46.85. The stock has a market capitalization of $13.31 billion, a PE ratio of -530.60 and a beta of 2.09.

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.