Sei Investments Co. Raises Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Sei Investments Co. increased its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 54.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 52,968 shares of the company's stock after acquiring an additional 18,756 shares during the period. Sei Investments Co.'s holdings in Credo Technology Group were worth $3,560,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Quantbot Technologies LP acquired a new position in shares of Credo Technology Group in the fourth quarter worth about $5,878,000. Mindset Wealth Management LLC purchased a new position in Credo Technology Group during the fourth quarter worth approximately $225,000. Berkshire Capital Holdings Inc. acquired a new stake in Credo Technology Group in the fourth quarter valued at approximately $8,093,000. Teacher Retirement System of Texas purchased a new stake in shares of Credo Technology Group in the fourth quarter valued at approximately $417,000. Finally, Harvest Fund Management Co. Ltd acquired a new position in shares of Credo Technology Group during the 4th quarter worth approximately $2,020,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of research analyst reports. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Needham & Company LLC reaffirmed a "buy" rating and issued a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. The Goldman Sachs Group increased their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a report on Friday, January 10th. Mizuho dropped their price target on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research report on Thursday. Finally, Bank of America lowered their target price on shares of 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. Nine 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 stock presently has a consensus rating of "Buy" and a consensus price target of $74.60.

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Insider Activity

In related news, Director Pantas Sutardja sold 1,875 shares of the business's stock in a transaction 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 owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. The trade was a 0.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of the firm's stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $73.26, for a total value of $7,326,000.00. Following the transaction, the chief operating officer now owns 200,000 shares of the company's stock, valued at $14,652,000. This trade represents a 33.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 830,665 shares of company stock valued at $54,153,192. Company insiders own 16.04% of the company's stock.

Credo Technology Group Trading Up 7.8 %

CRDO traded up $2.61 on Monday, hitting $35.91. The company had a trading volume of 7,598,134 shares, compared to its average volume of 3,431,078. The firm has a market cap of $6.10 billion, a P/E ratio of -239.40 and a beta of 2.30. The company's fifty day moving average price is $55.85 and its 200 day moving average price is $54.37. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $86.69.

Credo Technology Group Company 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.