KLP Kapitalforvaltning AS bought a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 28,600 shares of the company's stock, valued at approximately $1,922,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of CRDO. Brown Brothers Harriman & Co. raised its position in shares of Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company's stock worth $35,000 after acquiring an additional 1,001 shares during the last quarter. Kestra Investment Management LLC bought a new position in Credo Technology Group during the 4th quarter worth approximately $38,000. WASHINGTON TRUST Co acquired a new position in shares of Credo Technology Group in the 4th quarter worth approximately $43,000. Principal Securities Inc. lifted its position in shares of Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock worth $45,000 after purchasing an additional 576 shares during the period. Finally, Larson Financial Group LLC boosted its stake in shares of Credo Technology Group by 240.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company's stock valued at $61,000 after purchasing an additional 1,399 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
CRDO has been the topic of several recent analyst reports. Craig Hallum boosted their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, December 3rd. TD Cowen boosted their price objective on Credo Technology Group from $45.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, December 3rd. Barclays raised their target price 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. The Goldman Sachs Group boosted their price target 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. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $80.00 price objective on shares of Credo Technology Group in a research report on Wednesday, March 5th. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Credo Technology Group currently has an average rating of "Buy" and an average price target of $74.90.
Check Out Our Latest Analysis on CRDO
Credo Technology Group Trading Up 3.9 %
Shares of CRDO traded up $1.56 during trading hours on Tuesday, reaching $41.72. The stock had a trading volume of 3,723,763 shares, compared to its average volume of 3,350,619. The firm has a 50-day simple moving average of $58.98 and a 200 day simple moving average of $54.10. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $86.69. The company has a market capitalization of $7.08 billion, a price-to-earnings ratio of -278.13 and a beta of 2.16.
Insiders Place Their Bets
In related news, CFO Daniel W. Fleming sold 3,790 shares of the company's stock in a transaction on Friday, January 10th. The stock was sold at an average price of $72.61, for a total transaction of $275,191.90. Following the completion of the sale, the chief financial officer now owns 638,564 shares in the company, valued at approximately $46,366,132.04. This represents a 0.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Lip Bu Tan sold 150,000 shares of the firm's stock in a transaction on Monday, January 6th. The shares were sold at an average price of $76.09, for a total value of $11,413,500.00. Following the transaction, the director now owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. This trade represents a 11.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,030,665 shares of company stock worth $69,289,092. Insiders own 16.04% of the company's stock.
About Credo Technology Group
(
Free Report)
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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