10,871 Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Acquired by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. purchased a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 10,871 shares of the company's stock, valued at approximately $740,000.

Several other institutional investors have also modified their holdings of the company. Nisa Investment Advisors LLC lifted its holdings in shares of Credo Technology Group by 8.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company's stock valued at $225,000 after purchasing an additional 255 shares in the last quarter. CIBC Private Wealth Group LLC raised its position in shares of Credo Technology Group by 51.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock worth $75,000 after purchasing an additional 348 shares during the last quarter. GAMMA Investing LLC lifted its stake in Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company's stock valued at $65,000 after buying an additional 351 shares in the last quarter. Amalgamated Bank grew its holdings in Credo Technology Group by 9.4% during the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company's stock valued at $321,000 after buying an additional 411 shares during the last quarter. Finally, Arizona State Retirement System increased its position in Credo Technology Group by 1.2% during the fourth quarter. Arizona State Retirement System now owns 40,931 shares of the company's stock worth $2,751,000 after buying an additional 501 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Insider Activity at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $32.96, for a total transaction of $1,812,800.00. Following the completion of the sale, the chief technology officer now owns 7,938,602 shares in the company, valued at approximately $261,656,321.92. The trade was a 0.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lip Bu Tan sold 150,000 shares of the firm's stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $72.69, for a total transaction of $10,903,500.00. Following the completion of the transaction, the director now owns 963,725 shares in the company, valued at $70,053,170.25. The trade was a 13.47 % decrease in their position. 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. 16.04% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CRDO has been the topic of several recent research reports. The Goldman Sachs Group upped their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research report on Friday, January 10th. Stifel Nicolaus lifted their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, January 6th. Needham & Company LLC reissued a "buy" rating and set a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. Mizuho decreased their target price on shares of 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, Barclays boosted their price target on Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a report on Friday, January 17th. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $74.60.

Credo Technology Group Trading Up 1.1 %

Shares of CRDO traded up $0.45 during mid-day trading on Tuesday, reaching $39.55. The company had a trading volume of 639,444 shares, compared to its average volume of 3,488,550. The stock has a market cap of $6.71 billion, a price-to-earnings ratio of -263.30 and a beta of 2.30. The firm has a fifty day simple moving average of $51.73 and a 200-day simple moving average of $54.64. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69.

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.