Twinbeech Capital LP Takes Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Twinbeech Capital LP acquired a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 278,477 shares of the company's stock, valued at approximately $18,716,000. Twinbeech Capital LP owned 0.17% of Credo Technology Group as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in CRDO. Kestra Investment Management LLC acquired a new stake in shares of Credo Technology Group during the 4th quarter worth about $38,000. WASHINGTON TRUST Co acquired a new stake in shares of Credo Technology Group during the 4th quarter worth about $43,000. Principal Securities Inc. raised 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 worth $45,000 after acquiring an additional 576 shares in the last quarter. Quarry LP acquired a new stake in shares of Credo Technology Group during the 4th quarter worth about $58,000. Finally, Plato Investment Management Ltd acquired a new stake in shares of Credo Technology Group during the 4th quarter worth about $61,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $46.01, for a total value of $86,268.75. Following the transaction, the director now directly owns 5,900,527 shares in the company, valued at approximately $271,483,247.27. This trade represents a 0.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $32.96, for a total value of $1,812,800.00. Following the completion of the transaction, the chief technology officer now owns 7,938,602 shares in the company, valued at $261,656,321.92. This trade represents a 0.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 573,665 shares of company stock worth $25,908,531. 16.04% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on CRDO shares. Barclays cut their target price on Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. 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 report on Thursday, April 17th. Bank of America cut their price target 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. Susquehanna raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Finally, Mizuho cut their price target on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research report on Thursday, April 3rd. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $71.50.

Credo Technology Group Trading Up 0.9%

Shares of CRDO stock opened at $60.13 on Monday. The business's 50 day moving average is $44.34 and its two-hundred day moving average is $56.30. Credo Technology Group Holding Ltd has a twelve month low of $18.54 and a twelve month high of $86.69. The company has a market capitalization of $10.21 billion, a P/E ratio of -400.87 and a beta of 2.29.

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.

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