Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Acquired by Point72 Hong Kong Ltd

Point72 Hong Kong Ltd grew its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 211.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 399,656 shares of the company's stock after acquiring an additional 271,481 shares during the period. Credo Technology Group comprises about 1.6% of Point72 Hong Kong Ltd's investment portfolio, making the stock its 9th biggest holding. Point72 Hong Kong Ltd owned approximately 0.24% of Credo Technology Group worth $26,861,000 at the end of the most recent quarter.

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

Credo Technology Group Price Performance

NASDAQ CRDO traded up $0.20 on Tuesday, hitting $62.16. 1,224,818 shares of the stock were exchanged, compared to its average volume of 3,680,772. The company has a market capitalization of $10.55 billion, a price-to-earnings ratio of -412.97 and a beta of 2.29. Credo Technology Group Holding Ltd has a 52-week low of $18.54 and a 52-week high of $86.69. The company's 50-day moving average price is $44.62 and its two-hundred day moving average price is $56.45.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of recent research reports. Barclays cut their target price on shares of Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Needham & Company LLC reissued a "buy" rating and issued a $80.00 target price on shares of Credo Technology Group in a report on Wednesday, March 5th. Mizuho cut their target price on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a report on Thursday, April 3rd. Stifel Nicolaus cut their price target on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Finally, Susquehanna upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $71.50.

Insider Buying and Selling

In other news, Director Pantas Sutardja sold 1,875 shares of the company's stock in a transaction dated Thursday, May 1st. The shares were 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 of the company's stock, valued at approximately $271,483,247.27. This represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's 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 transaction, the chief technology officer now directly owns 7,663,602 shares of the company's stock, valued at $368,006,168.04. This represents a 0.71% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 573,665 shares of company stock worth $25,908,531. Corporate insiders own 16.04% of the company's stock.

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.