Charles Schwab Investment Management Inc. Raises Stock Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Charles Schwab Investment Management Inc. boosted its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 3.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,179,726 shares of the company's stock after acquiring an additional 43,169 shares during the period. Charles Schwab Investment Management Inc. owned 0.71% of Credo Technology Group worth $79,289,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CRDO. Nisa Investment Advisors LLC raised its holdings in shares of Credo Technology Group by 8.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company's stock worth $225,000 after buying an additional 255 shares during the last quarter. Assetmark Inc. increased its stake in shares of Credo Technology Group by 5.4% in the third quarter. Assetmark Inc. now owns 4,978 shares of the company's stock worth $153,000 after acquiring an additional 257 shares during the period. GAMMA Investing LLC grew 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 valued at $65,000 after buying an additional 351 shares during the period. Amalgamated Bank grew 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 valued at $321,000 after buying an additional 411 shares during the period. Finally, Advisors Asset Management Inc. grew 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 valued at $145,000 after buying an additional 478 shares during the period. Hedge funds and other institutional investors own 80.46% of the company's stock.

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Wall Street Analyst Weigh In

CRDO has been the topic of several recent analyst reports. Needham & Company LLC reaffirmed a "buy" rating and set a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. The Goldman Sachs Group raised their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research note on Friday, January 10th. Bank of America reduced their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a research note on Wednesday, March 5th. TD Cowen lifted their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, December 3rd. Finally, Stifel Nicolaus lifted their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a "buy" rating in a research note on Monday, January 6th. 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.com, the company presently has a consensus rating of "Buy" and an average target price of $74.90.

Credo Technology Group Stock Down 5.4 %

Shares of CRDO traded down $2.58 during trading on Thursday, reaching $44.95. 3,979,584 shares of the company traded hands, compared to its average volume of 3,147,890. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69. The stock has a market cap of $7.52 billion, a PE ratio of -299.67 and a beta of 2.16. The stock has a 50-day simple moving average of $66.70 and a 200-day simple moving average of $52.42.

Insider Buying and Selling at Credo Technology Group

In related news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $76.09, for a total value of $11,413,500.00. Following the completion of the transaction, the director now owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. The trade was a 11.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $68.04, for a total transaction of $3,742,200.00. Following the transaction, the chief technology officer now owns 8,508,602 shares of the company's stock, valued at $578,925,280.08. This trade represents a 0.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,190,496 shares of company stock worth $82,695,512 over the last three months. Insiders own 16.04% of the company's stock.

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.