Jefferies Financial Group Inc. Acquires New Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Jefferies Financial Group Inc. acquired a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 444,446 shares of the company's stock, valued at approximately $29,871,000. Jefferies Financial Group Inc. owned about 0.27% of Credo Technology Group at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in CRDO. Kestra Investment Management LLC bought a new position in Credo Technology Group in the 4th quarter valued at approximately $38,000. WASHINGTON TRUST Co bought a new position in Credo Technology Group in the 4th quarter valued at approximately $43,000. Principal Securities Inc. raised its holdings in Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock valued at $45,000 after buying an additional 576 shares during the last quarter. Quarry LP bought a new position in Credo Technology Group in the 4th quarter valued at approximately $58,000. Finally, Plato Investment Management Ltd acquired a new stake in Credo Technology Group during the 4th quarter valued at approximately $61,000. Institutional investors own 80.46% of the company's stock.

Credo Technology Group Trading Up 1.2%

Shares of CRDO traded up $0.72 during trading hours on Wednesday, reaching $59.79. The stock had a trading volume of 5,907,707 shares, compared to its average volume of 3,669,533. Credo Technology Group Holding Ltd has a 12 month low of $17.73 and a 12 month high of $86.69. The firm has a 50-day simple moving average of $43.60 and a 200 day simple moving average of $55.80. The company has a market capitalization of $10.15 billion, a price-to-earnings ratio of -398.60 and a beta of 2.29.

Insider Buying and Selling

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the firm's stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $45.23, for a total transaction of $452,300.00. Following the transaction, the chief operating officer now directly owns 2,802,447 shares in the company, valued at approximately $126,754,677.81. This trade represents a 0.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction 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 transaction, the chief technology officer now owns 7,938,602 shares in the company, valued at approximately $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. Insiders have sold a total of 573,665 shares of company stock worth $25,908,531 in the last ninety days. Corporate insiders own 16.04% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on CRDO. Needham & Company LLC reissued a "buy" rating and set a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th. Bank of America reduced their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Stifel Nicolaus reduced 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 report on Thursday, April 17th. Finally, Barclays reduced their price objective on shares of Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Credo Technology Group has an average rating of "Buy" and an average 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.