Barclays PLC Acquires 26,581 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Barclays PLC raised its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 11.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 266,543 shares of the company's stock after buying an additional 26,581 shares during the period. Barclays PLC owned about 0.16% of Credo Technology Group worth $17,916,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group in the fourth quarter worth approximately $38,000. WASHINGTON TRUST Co purchased a new position in Credo Technology Group during the 4th quarter worth approximately $43,000. Principal Securities Inc. raised its stake in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock valued at $45,000 after purchasing an additional 576 shares during the period. Plato Investment Management Ltd acquired a new stake in shares of Credo Technology Group in the fourth quarter worth $61,000. Finally, GAMMA Investing LLC boosted its position in shares of Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company's stock worth $65,000 after buying an additional 351 shares during the period. Institutional investors and hedge funds own 80.46% of the company's stock.

Insider Buying and Selling

In related news, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction on Friday, April 11th. The shares were sold at an average price of $40.75, for a total value of $154,442.50. Following the transaction, the chief financial officer now owns 608,602 shares in the company, valued at $24,800,531.50. This trade represents a 0.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $37.29, for a total transaction of $2,050,950.00. Following the sale, the chief technology officer now owns 7,828,602 shares of the company's stock, valued at $291,928,568.58. This trade represents a 0.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 563,665 shares of company stock worth $27,972,613. 16.04% of the stock is currently owned by insiders.

Credo Technology Group Stock Performance

Shares of CRDO traded up $3.74 during trading hours on Wednesday, hitting $40.76. 1,808,055 shares of the company were exchanged, compared to its average volume of 3,518,451. The company has a market cap of $6.92 billion, a PE ratio of -271.73 and a beta of 2.30. The firm's 50 day moving average is $47.18 and its 200-day moving average is $54.72. Credo Technology Group Holding Ltd has a 52 week low of $16.91 and a 52 week high of $86.69.

Analysts Set New Price Targets

Several brokerages recently issued reports on CRDO. The Goldman Sachs Group increased their price objective on Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research note on Friday, January 10th. 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 reaffirmed a "buy" rating and set a $80.00 price objective on shares of Credo Technology Group in a research report on Wednesday, March 5th. Mizuho cut their target price on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Finally, Stifel Nicolaus lowered their price target on shares of Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Buy" and an average price target of $71.50.

Credo Technology Group 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.