Raiffeisen Bank International AG Buys New Stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Raiffeisen Bank International AG purchased a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 160,000 shares of the company's stock, valued at approximately $11,136,000. Raiffeisen Bank International AG owned 0.10% of Credo Technology Group at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CRDO. Nisa Investment Advisors LLC boosted its position in Credo Technology Group by 8.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company's stock worth $225,000 after purchasing an additional 255 shares during the period. CIBC Private Wealth Group LLC lifted its stake 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 stake in shares of Credo Technology Group by 9.4% in the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company's stock valued at $321,000 after buying an additional 411 shares in the last quarter. Arizona State Retirement System grew its stake in shares of Credo Technology Group by 1.2% in the fourth quarter. Arizona State Retirement System now owns 40,931 shares of the company's stock valued at $2,751,000 after buying an additional 501 shares in the last quarter. Finally, Prudential Financial Inc. raised its holdings in shares of Credo Technology Group by 6.0% during the 4th quarter. Prudential Financial Inc. now owns 9,843 shares of the company's stock valued at $662,000 after buying an additional 560 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CRDO. Stifel Nicolaus decreased 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. Mizuho dropped 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. Barclays reduced their price target on shares of Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Needham & Company LLC restated a "buy" rating and set a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. Finally, Susquehanna upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $71.50.

Credo Technology Group Stock Performance

Shares of CRDO stock traded down $1.40 on Wednesday, reaching $60.71. 1,434,192 shares of the company's stock traded hands, compared to its average volume of 3,688,422. Credo Technology Group Holding Ltd has a 12-month low of $18.54 and a 12-month high of $86.69. The business's 50 day moving average price is $44.97 and its two-hundred day moving average price is $56.49. The company has a market capitalization of $10.31 billion, a P/E ratio of -409.05 and a beta of 2.29.

Insider Buying and Selling

In other news, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the transaction, the chief operating officer now owns 1,000,000 shares in the company, valued at $61,130,000. This represents a 9.09% 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 Monday, March 17th. The shares were sold at an average price of $47.29, for a total transaction of $2,600,950.00. Following the completion of the transaction, the chief technology officer now directly owns 8,103,602 shares in the company, valued at approximately $383,219,338.58. This represents a 0.67% 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. 16.04% of the stock is owned by company insiders.

About Credo Technology Group

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.