Mitsubishi UFJ Asset Management Co. Ltd. Decreases Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Mitsubishi UFJ Asset Management Co. Ltd. lowered its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 63.8% during the fourth quarter, Holdings Channel reports. The fund owned 46,000 shares of the company’s stock after selling 81,200 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Credo Technology Group were worth $3,330,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Nisa Investment Advisors LLC increased its holdings in Credo Technology Group by 8.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $225,000 after purchasing an additional 255 shares during the period. GAMMA Investing LLC grew its position in shares of Credo Technology Group by 56.3% during the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after buying an additional 351 shares in the last quarter. Amalgamated Bank increased its stake in shares of Credo Technology Group by 9.4% during the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock worth $321,000 after buying an additional 411 shares during the period. Arizona State Retirement System raised its holdings in Credo Technology Group by 1.2% in the fourth quarter. Arizona State Retirement System now owns 40,931 shares of the company’s stock valued at $2,751,000 after acquiring an additional 501 shares in the last quarter. Finally, Prudential Financial Inc. lifted its stake in Credo Technology Group by 6.0% in the fourth quarter. Prudential Financial Inc. now owns 9,843 shares of the company’s stock worth $662,000 after acquiring an additional 560 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 60,000 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $69.22, for a total transaction of $4,153,200.00. Following the completion of the sale, the chief technology officer now directly owns 8,448,602 shares of the company’s stock, valued at $584,812,230.44. This represents a 0.71 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group 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. This trade represents a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,030,665 shares of company stock worth $69,289,092. Company insiders own 16.04% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Craig Hallum increased their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Bank of America cut their price target on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. TD Cowen increased their price objective on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Barclays boosted their target price on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Finally, The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $74.90.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $41.72 on Wednesday. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $86.69. The stock has a market cap of $7.08 billion, a P/E ratio of -278.13 and a beta of 2.16. The firm has a fifty day moving average price of $58.98 and a 200 day moving average price of $54.10.

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.