Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Acquired by Castleark Management LLC

Castleark Management LLC grew its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 8.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 181,360 shares of the company's stock after purchasing an additional 14,630 shares during the period. Castleark Management LLC owned 0.11% of Credo Technology Group worth $12,189,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Kestra Investment Management LLC acquired a new position in Credo Technology Group during the 4th quarter valued at about $38,000. WASHINGTON TRUST Co bought a new stake in shares of Credo Technology Group in the 4th quarter worth approximately $43,000. Principal Securities Inc. lifted its position in shares of Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock valued at $45,000 after acquiring an additional 576 shares during the last quarter. Quarry LP purchased a new stake in shares of Credo Technology Group during the fourth quarter valued at $58,000. Finally, Plato Investment Management Ltd acquired a new position in shares of Credo Technology Group in the fourth quarter worth about $61,000. Institutional investors and hedge funds own 80.46% of the company's stock.

Insider Buying and Selling at Credo Technology Group

In related news, COO Yat Tung Lam sold 100,000 shares of the company's stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the sale, the chief operating officer now owns 1,000,000 shares in the company, valued at approximately $61,130,000. This represents a 9.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $49.77, for a total value of $2,737,350.00. Following the transaction, the chief technology officer now directly owns 8,048,602 shares of the company's stock, valued at $400,578,921.54. This trade represents a 0.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 573,665 shares of company stock valued at $25,908,531 in the last 90 days. 16.04% of the stock is currently owned by company insiders.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $62.11 on Wednesday. The stock has a market cap of $10.55 billion, a price-to-earnings ratio of -414.07 and a beta of 2.29. Credo Technology Group Holding Ltd has a 52-week low of $18.54 and a 52-week high of $86.69. The business has a 50 day simple moving average of $44.97 and a 200 day simple moving average of $56.49.

Analyst Ratings Changes

Several research firms have recently commented on CRDO. Needham & Company LLC restated a "buy" rating and set a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. Stifel Nicolaus decreased their price objective on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Barclays cut their price target 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. Bank of America reduced their target price on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. Finally, Mizuho dropped their target price on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $71.50.

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.

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