Guggenheim Capital LLC Has $1.77 Million Stock Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Guggenheim Capital LLC lessened its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 24.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 26,285 shares of the company’s stock after selling 8,330 shares during the period. Guggenheim Capital LLC’s holdings in Credo Technology Group were worth $1,767,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Kestra Investment Management LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter valued at approximately $38,000. WASHINGTON TRUST Co purchased a new position in Credo Technology Group during the 4th quarter worth approximately $43,000. Principal Securities Inc. raised its stake in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after purchasing an additional 576 shares during the period. Plato Investment Management Ltd purchased a new stake in shares of Credo Technology Group in the fourth quarter valued at $61,000. Finally, GAMMA Investing LLC boosted its position in shares of Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after buying an additional 351 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Bank of America decreased their price objective on 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 upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Stifel Nicolaus lowered their price target on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating on the stock in a report on Thursday. Needham & Company LLC reiterated a “buy” rating and set a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Finally, Barclays boosted their target price on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and a consensus target price of $73.50.

Credo Technology Group Stock Performance

CRDO opened at $36.52 on Monday. The firm has a market cap of $6.20 billion, a P/E ratio of -243.47 and a beta of 2.30. The business has a 50 day moving average price of $48.58 and a 200 day moving average price of $54.83. Credo Technology Group Holding Ltd has a twelve month low of $16.91 and a twelve month high of $86.69.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $37.29, for a total transaction of $2,050,950.00. Following the completion of the transaction, the chief technology officer now owns 7,828,602 shares of the company’s stock, valued at $291,928,568.58. The trade was a 0.70 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James Laufman sold 8,000 shares of the firm’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $39.09, for a total value of $312,720.00. Following the completion of the sale, the insider now directly owns 271,725 shares in the company, valued at approximately $10,621,730.25. This represents a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 633,665 shares of company stock valued at $33,612,713 over the last 90 days. 16.04% of the stock is currently owned by company insiders.

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.