O Shaughnessy Asset Management LLC Makes New Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

O Shaughnessy Asset Management LLC bought a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,639 shares of the company's stock, valued at approximately $446,000.

Several other institutional investors also recently bought and sold shares of the company. Nisa Investment Advisors LLC grew its stake in shares of Credo Technology Group by 8.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company's stock worth $225,000 after purchasing an additional 255 shares during the period. CIBC Private Wealth Group LLC grew its position in Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock valued at $75,000 after buying an additional 348 shares during the period. GAMMA Investing LLC increased its holdings in Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company's stock valued at $65,000 after buying an additional 351 shares in the last quarter. Amalgamated Bank raised its position in shares of Credo Technology Group by 9.4% in 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 period. Finally, Arizona State Retirement System boosted its stake in shares of Credo Technology Group by 1.2% during the 4th 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 in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Stock Up 1.9 %

Shares of CRDO traded up $0.74 during trading hours on Monday, reaching $39.46. 541,028 shares of the company traded hands, compared to its average volume of 5,753,922. The stock has a fifty day simple moving average of $52.54 and a 200 day simple moving average of $54.58. 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 capitalization of $6.70 billion, a PE ratio of -264.35 and a beta of 2.30.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 60,000 shares of the stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $69.57, for a total transaction of $4,174,200.00. Following the completion of the sale, the chief technology officer now owns 8,328,602 shares of the company's stock, valued at approximately $579,420,841.14. This represents a 0.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the 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 completion of the sale, the chief operating officer now directly owns 2,825,621 shares of the company's stock, valued at $227,716,796.39. The trade was a 0.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 721,875 shares of company stock valued at $44,039,400. Company insiders own 16.04% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CRDO. Bank of America reduced their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Mizuho lowered their price objective on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a report on Thursday, April 3rd. The Goldman Sachs Group raised their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research report on Friday, January 10th. Needham & Company LLC reiterated a "buy" rating and set a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Finally, Barclays raised their price objective on Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a report on Friday, January 17th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Credo Technology Group has an average rating of "Buy" and a consensus price target of $74.60.

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.