Kestra Investment Management LLC Purchases New Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Kestra Investment Management LLC purchased a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 571 shares of the company’s stock, valued at approximately $38,000.

A number of other institutional investors also recently modified their holdings of CRDO. CWM LLC lifted its stake in Credo Technology Group by 105.7% in the 3rd quarter. CWM LLC now owns 2,787 shares of the company’s stock worth $86,000 after purchasing an additional 1,432 shares in the last quarter. Creative Planning purchased a new stake in Credo Technology Group in the 3rd quarter worth approximately $359,000. Dakota Wealth Management purchased a new stake in Credo Technology Group in the 3rd quarter worth approximately $237,000. Allworth Financial LP lifted its stake in Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after purchasing an additional 771 shares in the last quarter. Finally, KP Management LLC purchased a new stake in Credo Technology Group in the 3rd quarter worth approximately $2,772,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Susquehanna started coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 target price on the stock. Needham & Company LLC increased their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price target for the stock from $27.00 to $80.00 in a report on Tuesday, December 3rd. The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Finally, Stifel Nicolaus increased their price target 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. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $76.40.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $80.59, for a total value of $805,900.00. Following the sale, the chief operating officer now owns 2,825,621 shares of the company’s stock, valued at $227,716,796.39. This trade represents a 0.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $48.57, for a total transaction of $2,671,350.00. Following the completion of the sale, the chief technology officer now directly owns 8,618,602 shares in the company, valued at approximately $418,605,499.14. This trade represents a 0.63 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,305,679 shares of company stock valued at $89,862,242. Insiders own 16.04% of the company’s stock.

Credo Technology Group Stock Performance

CRDO stock opened at $66.78 on Friday. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69. The firm’s fifty day moving average is $72.26 and its 200 day moving average is $50.68. The firm has a market cap of $11.17 billion, a P/E ratio of -445.20 and a beta of 2.09.

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.