Credo Technology Group Holding Ltd (NASDAQ:CRDO) is Andar Capital Management HK Ltd’s 2nd Largest Position

Andar Capital Management HK Ltd trimmed its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 44.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 153,000 shares of the company’s stock after selling 123,000 shares during the period. Credo Technology Group comprises approximately 13.3% of Andar Capital Management HK Ltd’s holdings, making the stock its 2nd biggest holding. Andar Capital Management HK Ltd’s holdings in Credo Technology Group were worth $10,283,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Nisa Investment Advisors LLC boosted its position in Credo Technology Group by 8.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $225,000 after acquiring an additional 255 shares during the last quarter. GAMMA Investing LLC boosted its position in 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 acquiring an additional 351 shares during the last quarter. Amalgamated Bank boosted its position in 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 acquiring an additional 411 shares during the last quarter. Advisors Asset Management Inc. boosted its position in Credo Technology Group by 11.3% during the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock worth $145,000 after acquiring an additional 478 shares during the last quarter. Finally, Arizona State Retirement System boosted its position in Credo Technology Group by 1.2% during the fourth quarter. Arizona State Retirement System now owns 40,931 shares of the company’s stock worth $2,751,000 after acquiring an additional 501 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Credo Technology Group

In related news, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction on Friday, January 31st. The shares were sold at an average price of $66.96, for a total transaction of $125,550.00. Following the sale, the director now owns 5,902,402 shares of the company’s stock, valued at $395,224,837.92. The trade was a 0.03 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $80.59, for a total transaction of $805,900.00. Following the sale, the chief operating officer now directly owns 2,825,621 shares in the company, valued at $227,716,796.39. This trade represents a 0.35 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,186,706 shares of company stock worth $82,430,478. 16.04% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CRDO has been the topic of a number of analyst reports. Barclays raised their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. 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 report on Tuesday, December 3rd. Craig Hallum lifted their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Bank of America decreased their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Finally, Stifel Nicolaus lifted their price target 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. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $74.90.

Credo Technology Group Trading Down 6.3 %

NASDAQ:CRDO opened at $44.07 on Wednesday. The firm has a market capitalization of $7.48 billion, a price-to-earnings ratio of -293.80 and a beta of 2.16. The firm’s fifty day simple moving average is $65.02 and its 200 day simple moving average is $52.92. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69.

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.