Texas Bank & Trust Co Buys New Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Texas Bank & Trust Co acquired a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 6,150 shares of the company's stock, valued at approximately $413,000.

A number of other hedge funds have also recently bought and sold shares of the company. Proficio Capital Partners LLC acquired a new position in Credo Technology Group during the 4th quarter valued at about $700,000. Pacer Advisors Inc. raised its position in shares of Credo Technology Group by 30.2% during the 4th quarter. Pacer Advisors Inc. now owns 3,906 shares of the company's stock valued at $263,000 after acquiring an additional 907 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Credo Technology Group by 3.8% in 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 purchasing an additional 43,169 shares during the period. Vontobel Holding Ltd. boosted its position in shares of Credo Technology Group by 3.4% in the 4th quarter. Vontobel Holding Ltd. now owns 19,584 shares of the company's stock worth $1,316,000 after purchasing an additional 635 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position 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 purchasing an additional 36,949 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $46.01, for a total transaction of $86,268.75. Following the completion of the transaction, the director now owns 5,900,527 shares in the company, valued at approximately $271,483,247.27. This represents a 0.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $48.02, for a total value of $2,641,100.00. Following the completion of the sale, the chief technology officer now owns 7,663,602 shares in the company, valued at approximately $368,006,168.04. This trade represents a 0.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 573,665 shares of company stock worth $25,908,531 over the last ninety days. Company insiders own 16.04% of the company's stock.

Credo Technology Group Stock Performance

CRDO stock traded up $0.33 during mid-day trading on Thursday, hitting $60.78. 2,808,991 shares of the company were exchanged, compared to its average volume of 3,703,101. Credo Technology Group Holding Ltd has a 1-year low of $18.98 and a 1-year high of $86.69. The firm's 50 day simple moving average is $45.47 and its 200 day simple moving average is $56.66. The firm has a market cap of $10.32 billion, a P/E ratio of -405.20 and a beta of 2.29.

Wall Street Analysts Forecast Growth

CRDO has been the subject of a number of recent analyst reports. Barclays dropped their price objective 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 lowered their price target on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Needham & Company LLC reissued a "buy" rating and set a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Finally, Stifel Nicolaus cut their target price on shares of Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. 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, Credo Technology Group presently has a consensus rating of "Buy" and a consensus target price of $71.50.

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.