Thrivent Financial for Lutherans Sells 14,972 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Thrivent Financial for Lutherans lessened its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 34.6% during the fourth quarter, Holdings Channel reports. The fund owned 28,289 shares of the company’s stock after selling 14,972 shares during the period. Thrivent Financial for Lutherans’ holdings in Credo Technology Group were worth $1,901,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Kestra Investment Management LLC bought a new position in shares of Credo Technology Group during the 4th quarter valued at about $38,000. WASHINGTON TRUST Co bought a new position in Credo Technology Group during the fourth quarter valued at approximately $43,000. Principal Securities Inc. raised its stake in shares of Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after acquiring an additional 576 shares in the last quarter. Larson Financial Group LLC lifted its holdings in shares of Credo Technology Group by 240.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock worth $61,000 after acquiring an additional 1,399 shares during the last quarter. Finally, Plato Investment Management Ltd purchased a new stake in shares of Credo Technology Group in the 4th quarter valued at $61,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Down 4.5 %

Shares of Credo Technology Group stock opened at $40.51 on Friday. The business has a 50 day moving average of $60.57 and a 200 day moving average of $53.73. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69. The company has a market cap of $6.88 billion, a PE ratio of -270.07 and a beta of 2.16.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CRDO. Craig Hallum lifted their target price 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. Stifel Nicolaus boosted their target price on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. The Goldman Sachs Group raised their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Barclays boosted their price objective on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Finally, TD Cowen raised their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $74.90.

Insider Buying and Selling at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $72.61, for a total value of $275,191.90. Following the completion of the transaction, the chief financial officer now directly owns 638,564 shares of the company’s stock, valued at $46,366,132.04. This represents a 0.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $45.23, for a total transaction of $452,300.00. Following the completion of the sale, the chief operating officer now owns 2,802,447 shares of the company’s stock, valued at $126,754,677.81. This trade represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,130,665 shares of company stock valued at $76,241,092. 16.04% of the stock is currently owned by company 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.