Alliancebernstein L.P. lifted its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 299.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,740,982 shares of the company's stock after purchasing an additional 1,305,594 shares during the quarter. Alliancebernstein L.P. owned about 1.04% of Credo Technology Group worth $117,011,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Kestra Investment Management LLC bought a new position in Credo Technology Group in the fourth quarter worth approximately $38,000. WASHINGTON TRUST Co acquired a new position in shares of Credo Technology Group during the fourth quarter worth approximately $43,000. Principal Securities Inc. raised its position 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 purchasing an additional 576 shares during the period. Plato Investment Management Ltd bought a new position in shares of Credo Technology Group in the 4th quarter worth $61,000. Finally, GAMMA Investing LLC grew its position in Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company's stock valued at $65,000 after purchasing an additional 351 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Credo Technology Group
In related news, CFO Daniel W. Fleming sold 3,790 shares of the business's 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 transaction, the chief financial officer now directly owns 638,564 shares of the company's stock, valued at approximately $46,366,132.04. The trade was a 0.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of the firm's stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $43.08, for a total transaction of $430,800.00. Following the sale, the chief operating officer now owns 2,792,447 shares of the company's stock, valued at $120,298,616.76. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 980,665 shares of company stock worth $65,566,692 in the last quarter. 16.04% of the stock is currently owned by company insiders.
Credo Technology Group Trading Down 10.3 %
Shares of CRDO stock traded down $3.84 during trading on Friday, hitting $33.30. The company's stock had a trading volume of 8,422,367 shares, compared to its average volume of 3,414,378. The business has a fifty day moving average of $56.25 and a 200-day moving average of $54.32. The company has a market cap of $5.65 billion, a PE ratio of -222.00 and a beta of 2.30. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69.
Analyst Ratings Changes
A number of research analysts have weighed in on CRDO shares. Stifel Nicolaus raised their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a "buy" rating in a research note on Monday, January 6th. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Needham & Company LLC reissued a "buy" rating and set a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Barclays raised their target price on Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a report on Friday, January 17th. Finally, Bank of America cut their target price on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a research report on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Credo Technology Group currently has an average rating of "Buy" and an average price target of $74.60.
Check Out Our Latest Stock Report on CRDO
Credo Technology Group Profile
(
Free Report)
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.
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