Commonwealth Equity Services LLC Takes Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Commonwealth Equity Services LLC bought a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the fourth quarter, HoldingsChannel reports. The firm bought 6,601 shares of the company’s stock, valued at approximately $444,000.

Other hedge funds have also recently bought and sold shares of the company. Swiss National Bank increased its position in shares of Credo Technology Group by 1.3% during the fourth quarter. Swiss National Bank now owns 277,616 shares of the company’s stock worth $18,659,000 after acquiring an additional 3,500 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Credo Technology Group in the 4th quarter worth $13,551,000. Rakuten Securities Inc. increased its holdings in Credo Technology Group by 140.9% during the 4th quarter. Rakuten Securities Inc. now owns 2,337 shares of the company’s stock worth $157,000 after purchasing an additional 1,367 shares in the last quarter. Avantax Advisory Services Inc. acquired a new stake in shares of Credo Technology Group in the 4th quarter valued at about $366,000. Finally, Aviance Capital Partners LLC acquired a new stake in shares of Credo Technology Group in the 4th quarter valued at about $336,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Trading Down 10.3 %

NASDAQ CRDO opened at $33.30 on Friday. The firm has a market capitalization of $5.65 billion, a P/E ratio of -222.00 and a beta of 2.30. The firm’s fifty day moving average price is $56.25 and its two-hundred day moving average price is $54.13. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $86.69.

Insider Buying and Selling at Credo Technology Group

In related news, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the sale, the director now owns 1,113,725 shares of the company’s stock, valued at $84,743,335.25. This represents a 11.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $72.09, for a total value of $4,325,400.00. Following the completion of the transaction, the chief technology officer now directly owns 8,388,602 shares of the company’s stock, valued at $604,734,318.18. This represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 980,665 shares of company stock valued at $65,566,692 in the last quarter. 16.04% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CRDO has been the subject of a number of research reports. Barclays increased their price objective on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Bank of America decreased their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Mizuho lowered their price objective 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. Stifel Nicolaus increased their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $74.60.

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.