Fox Run Management L.L.C. Decreases Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Fox Run Management L.L.C. reduced its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 85.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 3,896 shares of the company’s stock after selling 23,762 shares during the quarter. Fox Run Management L.L.C.’s holdings in Credo Technology Group were worth $262,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CRDO. Brown Brothers Harriman & Co. boosted its stake in Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after acquiring an additional 1,001 shares in the last quarter. Kestra Investment Management LLC acquired a new stake in shares of Credo Technology Group in the 4th quarter worth $38,000. WASHINGTON TRUST Co purchased a new position in Credo Technology Group during the 4th quarter worth $43,000. Principal Securities Inc. increased its position in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after buying an additional 576 shares in the last quarter. Finally, Larson Financial Group LLC increased its position in Credo Technology Group by 240.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after buying an additional 1,399 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CRDO shares. The Goldman Sachs Group boosted their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Barclays upped their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Stifel Nicolaus lifted their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Needham & Company LLC reissued a “buy” rating and issued a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th. Finally, Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $74.90.

Insider Buying and Selling at Credo Technology Group

In other news, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $69.52, for a total transaction of $6,952,000.00. Following the completion of the transaction, the chief operating officer now directly owns 300,000 shares of the company’s stock, valued at $20,856,000. The trade was a 25.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $49.77, for a total transaction of $2,737,350.00. Following the sale, the chief technology officer now directly owns 8,048,602 shares in the company, valued at $400,578,921.54. This trade represents a 0.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,120,665 shares of company stock valued at $75,788,792. 16.04% of the stock is owned by company insiders.

Credo Technology Group Stock Down 5.6 %

Shares of CRDO opened at $42.43 on Friday. The company has a market capitalization of $7.20 billion, a price-to-earnings ratio of -282.87 and a beta of 2.16. 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 $61.36 and its 200-day moving average price is $53.42.

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.