F M Investments LLC Raises Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

F M Investments LLC increased its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 96.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 44,015 shares of the company's stock after purchasing an additional 21,559 shares during the period. F M Investments LLC's holdings in Credo Technology Group were worth $2,958,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

Several brokerages recently weighed in on CRDO. Stifel Nicolaus upped 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. Bank of America reduced their price target on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a research report on Wednesday, March 5th. Needham & Company LLC reissued a "buy" rating and set a $80.00 price objective on shares of Credo Technology Group in a research report on Wednesday, March 5th. Susquehanna upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Finally, Barclays lifted their price target on shares of 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 investment 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, Credo Technology Group presently has a consensus rating of "Buy" and an average price target of $74.60.

Credo Technology Group Trading Up 1.6 %

NASDAQ:CRDO traded up $0.63 during midday trading on Tuesday, hitting $39.73. 918,036 shares of the company were exchanged, compared to its average volume of 3,489,497. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The company has a market capitalization of $6.75 billion, a PE ratio of -264.87 and a beta of 2.30. The company has a fifty day simple moving average of $51.73 and a 200 day simple moving average of $54.64.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Thursday, April 10th. The shares were sold at an average price of $38.78, for a total transaction of $2,132,900.00. Following the completion of the sale, the chief technology officer now owns 7,883,602 shares in the company, valued at $305,726,085.56. This represents a 0.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $43.08, for a total transaction of $430,800.00. Following the completion of the transaction, the chief operating officer now owns 2,792,447 shares in the company, valued at approximately $120,298,616.76. This represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 716,875 shares of company stock worth $41,998,100. Corporate 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.