Nebula Research & Development LLC Has $3.43 Million Stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Nebula Research & Development LLC decreased its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 16.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 50,980 shares of the company's stock after selling 9,825 shares during the quarter. Credo Technology Group makes up approximately 0.4% of Nebula Research & Development LLC's holdings, making the stock its 26th biggest holding. Nebula Research & Development LLC's holdings in Credo Technology Group were worth $3,426,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Kestra Investment Management LLC acquired a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $38,000. WASHINGTON TRUST Co bought a new stake in Credo Technology Group in the fourth quarter valued at $43,000. Principal Securities Inc. lifted its stake in Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company's stock valued at $45,000 after buying an additional 576 shares during the last quarter. Plato Investment Management Ltd acquired a new position in shares of Credo Technology Group during the fourth quarter valued at $61,000. Finally, GAMMA Investing LLC grew 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 acquiring an additional 351 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Barclays reduced their target price on shares of Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. The Goldman Sachs Group increased their price objective on Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a report on Friday, January 10th. Bank of America cut their target price on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a research note on Wednesday, March 5th. Needham & Company LLC reissued a "buy" rating and issued a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Finally, Stifel Nicolaus lowered their target price on shares of Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of "Buy" and an average target price of $71.50.

Insider Activity at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction on Monday, January 27th. The stock was sold at an average price of $57.87, for a total value of $3,182,850.00. Following the completion of the sale, the chief technology officer now owns 8,213,602 shares of the company's stock, valued at $475,321,147.74. This trade represents a 0.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Yat Tung Lam sold 100,000 shares of the company's stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $58.66, for a total value of $5,866,000.00. Following the transaction, the chief operating officer now directly owns 2,825,621 shares in the company, valued at $165,750,927.86. The trade was a 3.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 618,665 shares of company stock worth $29,993,313. 16.04% of the stock is owned by corporate insiders.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO traded up $1.29 during midday trading on Friday, reaching $43.68. The company had a trading volume of 2,369,561 shares, compared to its average volume of 3,560,290. Credo Technology Group Holding Ltd has a 1-year low of $16.91 and a 1-year high of $86.69. The firm has a market cap of $7.42 billion, a price-to-earnings ratio of -291.20 and a beta of 2.30. The company has a fifty day simple moving average of $45.38 and a two-hundred day simple moving average of $54.90.

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.