China Universal Asset Management Co. Ltd. Takes $1.31 Million Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

China Universal Asset Management Co. Ltd. purchased a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 19,500 shares of the company's stock, valued at approximately $1,311,000.

Other large investors have also recently modified their holdings of the company. Fortitude Advisory Group L.L.C. acquired a new position in shares of Credo Technology Group in the 4th quarter valued at about $349,000. Pacer Advisors Inc. lifted its holdings in Credo Technology Group by 30.2% during the 4th quarter. Pacer Advisors Inc. now owns 3,906 shares of the company's stock worth $263,000 after buying an additional 907 shares in the last quarter. KBC Group NV raised its stake in Credo Technology Group by 48.1% in the fourth quarter. KBC Group NV now owns 5,661 shares of the company's stock valued at $380,000 after buying an additional 1,839 shares in the last quarter. Wesbanco Bank Inc. increased its holdings in shares of Credo Technology Group by 25.7% in the fourth quarter. Wesbanco Bank Inc. now owns 19,535 shares of the company's stock valued at $1,313,000 after purchasing an additional 4,000 shares during the period. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Credo Technology Group in the fourth quarter valued at about $353,000. Institutional investors own 80.46% of the company's stock.

Insider Activity at Credo Technology Group

In other news, Director Lip Bu Tan sold 3,799 shares of the stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.73, for a total transaction of $268,703.27. Following the transaction, the director now owns 1,709,926 shares of the company's stock, valued at approximately $120,943,065.98. This represents a 0.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $47.37, for a total transaction of $2,605,350.00. Following the sale, the chief technology officer now directly owns 8,728,602 shares of the company's stock, valued at approximately $413,473,876.74. The trade was a 0.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,360,679 shares of company stock valued at $92,467,592. 16.04% of the stock is owned by corporate insiders.

Credo Technology Group Price Performance

CRDO stock traded up $2.57 during trading on Wednesday, reaching $78.82. The company had a trading volume of 3,014,978 shares, compared to its average volume of 5,577,030. The business has a 50 day moving average of $69.54 and a 200 day moving average of $46.62. The company has a market cap of $13.18 billion, a P/E ratio of -525.83 and a beta of 2.09. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CRDO shares. 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. Craig Hallum boosted their price objective on Credo Technology Group from $38.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, December 3rd. 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 report on Monday, January 6th. TD Cowen boosted their price target on Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, December 3rd. Finally, Bank of America upgraded shares of Credo Technology Group from an "underperform" rating to a "buy" rating and upped their target price for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $76.40.

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.