WCM Investment Management LLC Buys New Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

WCM Investment Management LLC acquired a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 153,523 shares of the company's stock, valued at approximately $10,685,000. WCM Investment Management LLC owned 0.09% of Credo Technology Group at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in CRDO. Point72 Hong Kong Ltd bought a new stake in Credo Technology Group during the third quarter worth approximately $3,948,000. Wellington Management Group LLP raised its holdings in Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company's stock worth $88,188,000 after purchasing an additional 705,512 shares in the last quarter. Centiva Capital LP bought a new stake in Credo Technology Group during the third quarter worth approximately $553,000. Charles Schwab Investment Management Inc. raised its holdings in Credo Technology Group by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company's stock worth $35,006,000 after purchasing an additional 95,335 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Credo Technology Group by 94.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company's stock worth $7,507,000 after purchasing an additional 118,169 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Stock Down 1.2 %

Shares of CRDO traded down $0.87 during mid-day trading on Thursday, reaching $70.48. The company's stock had a trading volume of 3,875,301 shares, compared to its average volume of 5,346,011. The business has a fifty day moving average of $72.15 and a 200 day moving average of $48.48. The company has a market cap of $11.79 billion, a price-to-earnings ratio of -469.87 and a beta of 2.09. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $86.69.

Analysts Set New Price Targets

Several equities research analysts recently commented on CRDO shares. The Goldman Sachs Group boosted their target price on Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a report on Friday, January 10th. Stifel Nicolaus upped their price target on Credo Technology Group from $75.00 to $80.00 and gave the company a "buy" rating in a report on Monday, January 6th. Barclays upped 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. Mizuho upped their price target on Credo Technology Group from $70.00 to $85.00 and gave the company an "outperform" rating in a report on Friday, January 10th. Finally, Roth Mkm upped 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. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $76.40.

Insider Activity

In related news, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $68.03, for a total transaction of $6,803,000.00. Following the completion of the sale, the chief operating officer now directly owns 400,000 shares in the company, valued at approximately $27,212,000. This trade represents a 20.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the 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 of the company's stock, valued at approximately $395,224,837.92. This represents a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,305,679 shares of company stock worth $89,862,242 over the last quarter. Corporate insiders own 16.04% of the company's stock.

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.