Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock Holdings Raised by CloudAlpha Capital Management Limited Hong Kong

CloudAlpha Capital Management Limited Hong Kong increased its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 101.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 365,174 shares of the company’s stock after purchasing an additional 184,234 shares during the period. Credo Technology Group accounts for 1.8% of CloudAlpha Capital Management Limited Hong Kong’s portfolio, making the stock its 8th biggest position. CloudAlpha Capital Management Limited Hong Kong’s holdings in Credo Technology Group were worth $24,543,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Prescott Group Capital Management L.L.C. boosted its holdings in Credo Technology Group by 33.3% in the fourth quarter. Prescott Group Capital Management L.L.C. now owns 40,000 shares of the company’s stock worth $2,688,000 after acquiring an additional 10,000 shares in the last quarter. Lisanti Capital Growth LLC bought a new stake in Credo Technology Group in the fourth quarter worth $5,281,000. E Fund Management Co. Ltd. bought a new stake in Credo Technology Group in the fourth quarter worth $3,014,000. Raymond James Financial Inc. bought a new stake in Credo Technology Group in the fourth quarter worth $27,236,000. Finally, Arizona State Retirement System boosted 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 in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total transaction of $265,034.70. Following the completion of the transaction, the chief financial officer now directly owns 652,666 shares of the company’s stock, valued at approximately $45,640,933.38. This represents a 0.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction that occurred 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 transaction, the chief operating officer now directly owns 2,825,621 shares of the company’s stock, valued at approximately $227,716,796.39. The trade was a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,190,496 shares of company stock valued at $82,695,512. Insiders own 16.04% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. The Goldman Sachs Group upped their price target on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Craig Hallum increased their target price on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. TD Cowen upped their price target on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Bank of America reduced their price target on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Susquehanna reduced their price target on Credo Technology Group from $80.00 to $60.00 and set a “neutral” rating for the company in a research report on Wednesday. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus target price of $74.90.

Credo Technology Group Trading Down 10.0 %

NASDAQ:CRDO opened at $42.07 on Friday. The stock has a 50-day moving average price of $69.20 and a 200 day moving average price of $52.09. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69. The stock has a market capitalization of $7.04 billion, a P/E ratio of -280.47 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.