Credo Technology Group Holding Ltd (NASDAQ:CRDO) is Oberweis Asset Management Inc.'s Largest Position

Oberweis Asset Management Inc. raised its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 15.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 959,594 shares of the company's stock after acquiring an additional 131,280 shares during the quarter. Credo Technology Group comprises approximately 3.0% of Oberweis Asset Management Inc.'s holdings, making the stock its largest position. Oberweis Asset Management Inc. owned about 0.57% of Credo Technology Group worth $64,494,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Price T Rowe Associates Inc. MD increased its position in Credo Technology Group by 441.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock worth $65,594,000 after acquiring an additional 795,751 shares during the period. Hsbc Holdings PLC raised its holdings in Credo Technology Group by 160.4% during the 4th quarter. Hsbc Holdings PLC now owns 40,049 shares of the company's stock worth $2,756,000 after purchasing an additional 24,667 shares during the last quarter. Stifel Financial Corp boosted its position in shares of Credo Technology Group by 22.0% in the 4th quarter. Stifel Financial Corp now owns 155,673 shares of the company's stock worth $10,463,000 after purchasing an additional 28,100 shares during the last quarter. MetLife Investment Management LLC grew its holdings in shares of Credo Technology Group by 14.2% in the 4th quarter. MetLife Investment Management LLC now owns 84,079 shares of the company's stock valued at $5,651,000 after buying an additional 10,483 shares during the period. Finally, First Trust Advisors LP increased its holdings in Credo Technology Group by 3.6% during the 4th quarter. First Trust Advisors LP now owns 183,870 shares of the company's stock worth $12,358,000 after purchasing an additional 6,340 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. The Goldman Sachs Group upped their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research note on Friday, January 10th. Needham & Company LLC reissued a "buy" rating and set a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Mizuho lowered their target price on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research note on Thursday, April 3rd. Susquehanna raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Finally, Barclays lowered their price objective on Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a research report on Tuesday. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $71.50.

Credo Technology Group Stock Performance

Shares of CRDO opened at $40.49 on Thursday. The stock has a market capitalization of $6.88 billion, a price-to-earnings ratio of -269.93 and a beta of 2.30. Credo Technology Group Holding Ltd has a 52-week low of $16.91 and a 52-week high of $86.69. The stock's 50-day simple moving average is $46.58 and its 200 day simple moving average is $54.62.

Insider Activity

In other news, insider James Laufman sold 8,000 shares of the stock in a transaction on Monday, April 14th. The shares were sold at an average price of $39.09, for a total value of $312,720.00. Following the transaction, the insider now owns 271,725 shares of the company's stock, valued at $10,621,730.25. This represents a 2.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $37.29, for a total transaction of $2,050,950.00. Following the completion of the sale, the chief technology officer now directly owns 7,828,602 shares of the company's stock, valued at $291,928,568.58. This represents a 0.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 563,665 shares of company stock worth $27,972,613. 16.04% of the stock is owned by company insiders.

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.

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