Two Sigma Investments LP Grows Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Two Sigma Investments LP boosted its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 55.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,515,268 shares of the company's stock after purchasing an additional 539,766 shares during the quarter. Two Sigma Investments LP owned about 0.91% of Credo Technology Group worth $101,841,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of CRDO. Nisa Investment Advisors LLC grew its holdings in shares of Credo Technology Group by 8.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company's stock worth $225,000 after purchasing an additional 255 shares in the last quarter. CIBC Private Wealth Group LLC grew its holdings in shares of Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock worth $75,000 after purchasing an additional 348 shares in the last quarter. Amalgamated Bank grew its holdings in shares of Credo Technology Group by 9.4% during the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company's stock worth $321,000 after purchasing an additional 411 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of Credo Technology Group by 1.2% during the fourth quarter. Arizona State Retirement System now owns 40,931 shares of the company's stock worth $2,751,000 after purchasing an additional 501 shares in the last quarter. Finally, Prudential Financial Inc. grew its holdings in shares of Credo Technology Group by 6.0% during the fourth quarter. Prudential Financial Inc. now owns 9,843 shares of the company's stock worth $662,000 after purchasing an additional 560 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Price Performance

Credo Technology Group stock traded up $1.00 during trading hours on Friday, reaching $61.78. The company had a trading volume of 1,954,560 shares, compared to its average volume of 3,715,281. The company has a 50-day moving average price of $45.82 and a 200 day moving average price of $56.80. The firm has a market cap of $10.49 billion, a price-to-earnings ratio of -411.87 and a beta of 2.29. Credo Technology Group Holding Ltd has a 12-month low of $19.13 and a 12-month high of $86.69.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CRDO. Barclays lowered their price target 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. Needham & Company LLC restated a "buy" rating and set a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Susquehanna upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Stifel Nicolaus cut their price objective on shares of Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Finally, Mizuho cut 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 assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $71.50.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated 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 completion of the sale, the chief technology officer now directly owns 7,663,602 shares in the company, valued at approximately $368,006,168.04. This represents a 0.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of the 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 of the company's stock, valued at approximately $61,130,000. This represents a 9.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 573,665 shares of company stock worth $25,908,531. Company insiders own 16.04% of the company's stock.

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.