Bayesian Capital Management LP Purchases New Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Bayesian Capital Management LP bought a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 27,593 shares of the company's stock, valued at approximately $1,855,000.

Several other hedge funds have also made changes to their positions in CRDO. Franklin Resources Inc. lifted its position in shares of Credo Technology Group by 17.9% in the third quarter. Franklin Resources Inc. now owns 73,037 shares of the company's stock worth $2,250,000 after purchasing an additional 11,065 shares in the last quarter. Principal Financial Group Inc. lifted its position in Credo Technology Group by 22.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company's stock worth $61,415,000 after acquiring an additional 368,518 shares during the last quarter. JPMorgan Chase & Co. increased its position in Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock worth $404,797,000 after acquiring an additional 909,578 shares during the period. GAMMA Investing LLC raised its holdings 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 acquiring an additional 351 shares in the last quarter. Finally, Everence Capital Management Inc. bought a new stake in Credo Technology Group in the fourth quarter valued at about $252,000. Institutional investors own 80.46% of the company's stock.

Analysts Set New Price Targets

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

Credo Technology Group Price Performance

NASDAQ CRDO traded up $0.76 during trading on Wednesday, reaching $48.43. The company's stock had a trading volume of 3,345,115 shares, compared to its average volume of 3,599,440. Credo Technology Group Holding Ltd has a one year low of $16.98 and a one year high of $86.69. The stock has a market capitalization of $8.22 billion, a PE ratio of -322.87 and a beta of 2.29. The firm has a fifty day moving average of $42.95 and a 200 day moving average of $55.30.

Insiders Place Their Bets

In other news, COO Yat Tung Lam sold 100,000 shares of the business's stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $61.13, for a total value of $6,113,000.00. Following the completion of the transaction, the chief operating officer now owns 1,000,000 shares in the company, valued at $61,130,000. The trade was a 9.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $48.02, for a total transaction of $2,641,100.00. Following the sale, the chief technology officer now owns 7,663,602 shares of the company's stock, valued at approximately $368,006,168.04. This represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 573,665 shares of company stock valued at $25,908,531. 16.04% of the stock is currently owned by corporate insiders.

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.