Natixis Advisors LLC Lowers Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Natixis Advisors LLC decreased its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 51.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,946 shares of the company’s stock after selling 14,887 shares during the quarter. Natixis Advisors LLC’s holdings in Credo Technology Group were worth $937,000 as of its most recent SEC filing.

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

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $44.95 on Thursday. The firm’s 50 day moving average price is $62.03 and its two-hundred day moving average price is $53.50. The stock has a market cap of $7.63 billion, a price-to-earnings ratio of -299.67 and a beta of 2.16. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CRDO shares. Stifel Nicolaus raised their price objective on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. TD Cowen lifted their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Craig Hallum increased their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Finally, Bank of America lowered their price target on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Credo Technology Group has an average rating of “Buy” and a consensus price target of $74.90.

Insiders Place Their Bets

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the completion of the sale, the chief operating officer now 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 sale 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 firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $49.77, for a total transaction of $2,737,350.00. Following the completion of the transaction, the chief technology officer now owns 8,048,602 shares in the company, valued at $400,578,921.54. The trade was a 0.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,120,665 shares of company stock worth $75,788,792 in the last quarter. 16.04% of the stock is currently owned by corporate insiders.

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.