Cibc World Markets Corp Takes $881,000 Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Cibc World Markets Corp bought a new position 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 fund bought 13,111 shares of the company's stock, valued at approximately $881,000.

Other institutional investors also recently modified their holdings of the company. Kestra Investment Management LLC bought a new stake in Credo Technology Group during the 4th quarter worth $38,000. WASHINGTON TRUST Co bought a new stake in shares of Credo Technology Group during the fourth quarter worth about $43,000. Principal Securities Inc. increased its stake in shares of Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company's stock valued at $45,000 after buying an additional 576 shares during the period. Plato Investment Management Ltd bought a new position in Credo Technology Group in the 4th quarter valued at approximately $61,000. Finally, GAMMA Investing LLC boosted its position in Credo Technology Group by 56.3% during the 4th 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. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $47.29, for a total transaction of $2,600,950.00. Following the completion of the transaction, the chief technology officer now directly owns 8,103,602 shares in the company, valued at $383,219,338.58. This trade represents a 0.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of the firm's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the completion of the transaction, the director now directly owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. The trade was a 11.87 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,065,665 shares of company stock valued at $73,051,442. 16.04% of the stock is owned by company insiders.

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Credo Technology Group Stock Down 8.6 %

CRDO traded down $4.23 during midday trading on Wednesday, hitting $44.95. The company had a trading volume of 4,788,209 shares, compared to its average volume of 3,225,369. The company has a market capitalization of $7.63 billion, a price-to-earnings ratio of -299.67 and a beta of 2.16. The stock's 50 day moving average price is $62.64 and its 200 day moving average price is $53.56. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69.

Analyst Ratings Changes

CRDO has been the subject of several analyst reports. Bank of America dropped their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Needham & Company LLC reaffirmed a "buy" rating and set a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th. Stifel Nicolaus lifted their target price on Credo Technology Group from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, January 6th. Craig Hallum increased their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, December 3rd. Finally, Barclays lifted their price objective on Credo Technology Group from $80.00 to $90.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $74.90.

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.