EAM Global Investors LLC Takes $6.30 Million Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

EAM Global Investors LLC purchased a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 93,724 shares of the company's stock, valued at approximately $6,299,000. Credo Technology Group makes up about 1.1% of EAM Global Investors LLC's portfolio, making the stock its 18th largest holding. EAM Global Investors LLC owned about 0.06% of Credo Technology Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of the stock. Stifel Financial Corp grew its stake in Credo Technology Group by 436.3% during the 3rd quarter. Stifel Financial Corp now owns 127,573 shares of the company's stock worth $3,929,000 after purchasing an additional 103,785 shares in the last quarter. Orion Portfolio Solutions LLC grew its position in shares of Credo Technology Group by 40.6% during the third quarter. Orion Portfolio Solutions LLC now owns 10,190 shares of the company's stock worth $314,000 after buying an additional 2,945 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Credo Technology Group by 5.7% during the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company's stock worth $97,865,000 after buying an additional 170,412 shares during the period. Franklin Resources Inc. raised its holdings in Credo Technology Group by 17.9% in the third quarter. Franklin Resources Inc. now owns 73,037 shares of the company's stock valued at $2,250,000 after acquiring an additional 11,065 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Credo Technology Group by 22.7% in the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company's stock worth $61,415,000 after acquiring an additional 368,518 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CRDO shares. Barclays increased their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a research report on Friday, January 17th. Stifel Nicolaus cut their price target on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a research note on Thursday. The Goldman Sachs Group upped their price objective on Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research report on Friday, January 10th. Mizuho cut their target price on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research report on Thursday, April 3rd. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $73.50.

Credo Technology Group Price Performance

Shares of CRDO traded down $1.20 during mid-day trading on Friday, reaching $36.52. 2,408,216 shares of the company's stock were exchanged, compared to its average volume of 3,502,990. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69. The stock has a market capitalization of $6.20 billion, a PE ratio of -243.47 and a beta of 2.30. The business's fifty day simple moving average is $49.32 and its 200-day simple moving average is $54.45.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $58.66, for a total value of $5,866,000.00. Following the sale, the chief operating officer now owns 2,825,621 shares of the company's stock, valued at approximately $165,750,927.86. The trade was a 3.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction on Friday, April 4th. The stock was sold at an average price of $32.96, for a total value of $1,812,800.00. Following the transaction, the chief technology officer now directly owns 7,938,602 shares in the company, valued at $261,656,321.92. This represents a 0.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 633,665 shares of company stock valued at $33,612,713 in the last ninety days. Insiders own 16.04% of the company's stock.

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.