Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock Holdings Decreased by Andar Capital Management HK Ltd

Andar Capital Management HK Ltd lessened its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 44.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 153,000 shares of the company’s stock after selling 123,000 shares during the quarter. Credo Technology Group makes up about 13.3% of Andar Capital Management HK Ltd’s holdings, making the stock its 2nd largest position. Andar Capital Management HK Ltd owned 0.09% of Credo Technology Group worth $10,283,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Point72 Hong Kong Ltd purchased a new position in Credo Technology Group in the third quarter valued at $3,948,000. Wellington Management Group LLP boosted its stake in Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after acquiring an additional 705,512 shares in the last quarter. Centiva Capital LP acquired a new position in Credo Technology Group in the third quarter valued at $553,000. Charles Schwab Investment Management Inc. boosted its stake in Credo Technology Group by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after acquiring an additional 95,335 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Credo Technology Group by 94.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after acquiring an additional 118,169 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insider Buying and Selling

In related news, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the completion of the transaction, the chief operating officer now directly owns 1,000,000 shares of the company’s stock, valued at $61,130,000. This represents a 9.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $68.04, for a total transaction of $3,742,200.00. Following the completion of the transaction, the chief technology officer now directly owns 8,508,602 shares of the company’s stock, valued at approximately $578,925,280.08. This trade represents a 0.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,186,706 shares of company stock valued at $82,430,478 over the last ninety days. Corporate insiders own 16.04% of the company’s stock.

Credo Technology Group Stock Down 6.3 %

NASDAQ CRDO opened at $44.07 on Wednesday. The stock has a market capitalization of $7.48 billion, a P/E ratio of -293.80 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 firm has a 50-day moving average price of $65.02 and a 200 day moving average price of $52.92.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CRDO. The Goldman Sachs Group upped their price objective 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. Barclays upped their price objective 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. TD Cowen upped their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Needham & Company LLC reiterated a “buy” rating and set a $80.00 target price on shares of Credo Technology Group in a research note on Wednesday, March 5th. Finally, Bank of America decreased their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target 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.