Legato Capital Management LLC Purchases Shares of 23,002 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Legato Capital Management LLC purchased 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 13F filing with the Securities & Exchange Commission. The fund purchased 23,002 shares of the company's stock, valued at approximately $1,546,000.

A number of other large investors have also modified their holdings of CRDO. Allspring Global Investments Holdings LLC boosted its position in Credo Technology Group by 72,952.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 79,627 shares of the company's stock valued at $5,367,000 after buying an additional 79,518 shares during the last quarter. Gladstone Institutional Advisory LLC acquired a new position in Credo Technology Group in the fourth quarter valued at approximately $279,000. Comprehensive Financial Planning Inc. PA acquired a new position in Credo Technology Group in the fourth quarter valued at approximately $146,000. WCM Investment Management LLC acquired a new position in Credo Technology Group in the fourth quarter valued at approximately $10,685,000. Finally, Entropy Technologies LP acquired a new position in Credo Technology Group in the fourth quarter valued at approximately $1,787,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO traded up $0.22 during midday trading on Friday, hitting $70.70. 4,927,079 shares of the company's stock were exchanged, compared to its average volume of 5,690,025. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69. The firm's fifty day simple moving average is $72.08 and its 200-day simple moving average is $49.09.

Insider Transactions at Credo Technology Group

In related news, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $66.96, for a total value of $125,550.00. Following the sale, the director now directly owns 5,902,402 shares in the company, valued at $395,224,837.92. The trade was a 0.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $48.57, for a total value of $2,671,350.00. Following the completion of the sale, the chief technology officer now owns 8,618,602 shares in the company, valued at approximately $418,605,499.14. This trade represents a 0.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,305,679 shares of company stock valued at $89,862,242. Corporate insiders own 16.04% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CRDO shares. Roth Mkm boosted their price target on Credo Technology Group from $35.00 to $45.00 and gave the company a "buy" rating in a report on Tuesday, October 22nd. Bank of America raised Credo Technology Group from an "underperform" rating to a "buy" rating and upped their target price for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Needham & Company LLC upped their target price on Credo Technology Group from $43.00 to $70.00 and gave the stock a "buy" rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group upped their target price on Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research note on Friday, January 10th. Finally, Barclays upped 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. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $76.40.

About Credo Technology Group

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.