Fire Capital Management LLC acquired a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,462 shares of the company's stock, valued at approximately $569,000.
A number of other large investors also recently modified their holdings of the stock. Proficio Capital Partners LLC purchased a new position in Credo Technology Group during the fourth quarter worth about $700,000. Pacer Advisors Inc. raised its holdings in Credo Technology Group by 30.2% in the 4th quarter. Pacer Advisors Inc. now owns 3,906 shares of the company's stock worth $263,000 after purchasing an additional 907 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Credo Technology Group by 3.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company's stock valued at $79,289,000 after acquiring an additional 43,169 shares in the last quarter. Vontobel Holding Ltd. boosted its holdings in shares of Credo Technology Group by 3.4% during the 4th quarter. Vontobel Holding Ltd. now owns 19,584 shares of the company's stock valued at $1,316,000 after buying an additional 635 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Credo Technology Group by 7.0% in the 4th quarter. Bank of New York Mellon Corp now owns 562,382 shares of the company's stock worth $37,798,000 after buying an additional 36,949 shares during the last quarter. Institutional investors own 80.46% of the company's stock.
Credo Technology Group Trading Down 5.2%
Shares of CRDO stock traded down $3.29 on Friday, reaching $60.54. 4,679,615 shares of the stock were exchanged, compared to its average volume of 3,693,667. Credo Technology Group Holding Ltd has a twelve month low of $22.50 and a twelve month high of $86.69. The company has a market capitalization of $10.28 billion, a price-to-earnings ratio of -403.60 and a beta of 2.29. The business's 50 day moving average price is $47.29 and its 200 day moving average price is $57.35.
Insider Buying and Selling at Credo Technology Group
In related news, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $47.29, for a total value of $2,600,950.00. Following the sale, the chief technology officer now owns 8,103,602 shares in the company, valued at $383,219,338.58. This represents a 0.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider James Laufman sold 8,000 shares of the firm's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $39.09, for a total transaction of $312,720.00. Following the sale, the insider now directly owns 271,725 shares in the company, valued at $10,621,730.25. This represents a 2.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 473,665 shares of company stock worth $19,795,531 over the last three months. Insiders own 16.04% of the company's stock.
Analyst Upgrades and Downgrades
Several equities research analysts recently commented on CRDO shares. Susquehanna raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Needham & Company LLC reaffirmed a "buy" rating and set a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Barclays cut their price target on Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Bank of America decreased their price objective on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a research report on Wednesday, March 5th. Finally, Mizuho decreased their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research note on Thursday, April 3rd. 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.com, the company presently has an average rating of "Buy" and a consensus price target of $71.50.
Check Out Our Latest Report on CRDO
Credo Technology Group Profile
(
Free Report)
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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