American Century Companies Inc. Cuts Stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

American Century Companies Inc. decreased its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 42.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,019,810 shares of the company’s stock after selling 762,737 shares during the period. American Century Companies Inc.’s holdings in Credo Technology Group were worth $68,541,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Quantbot Technologies LP acquired a new stake in shares of Credo Technology Group in the 4th quarter valued at approximately $5,878,000. Mindset Wealth Management LLC acquired a new stake in shares of Credo Technology Group in the fourth quarter valued at about $225,000. Berkshire Capital Holdings Inc. purchased a new stake in Credo Technology Group during the fourth quarter worth about $8,093,000. Teacher Retirement System of Texas acquired a new position in Credo Technology Group during the fourth quarter worth about $417,000. Finally, Harvest Fund Management Co. Ltd acquired a new stake in shares of Credo Technology Group in the 4th quarter worth approximately $2,020,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of the 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $69.22, for a total transaction of $4,153,200.00. Following the sale, the chief technology officer now owns 8,448,602 shares in the company, valued at $584,812,230.44. This represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,065,665 shares of company stock valued at $73,051,442. Company insiders own 16.04% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. TD Cowen boosted their target price on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Stifel Nicolaus upped their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Barclays increased their target price on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Finally, Mizuho upped their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $74.90.

Credo Technology Group Stock Down 2.7 %

Shares of CRDO stock opened at $49.18 on Wednesday. The firm’s 50 day moving average price is $62.64 and its two-hundred day moving average price is $53.56. 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 cap of $8.35 billion, a price-to-earnings ratio of -327.87 and a beta of 2.16.

Credo Technology Group Company 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.