SBI Securities Co. Ltd. Invests $178,000 in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

SBI Securities Co. Ltd. acquired a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 4th quarter, Holdings Channel.com reports. The firm acquired 2,646 shares of the company’s stock, valued at approximately $178,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Kestra Investment Management LLC acquired a new position in shares of Credo Technology Group in the 4th quarter valued at $38,000. WASHINGTON TRUST Co bought a new stake in Credo Technology Group in the fourth quarter valued at about $43,000. Principal Securities Inc. lifted its stake in Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after buying an additional 576 shares during the period. Rakuten Securities Inc. bought a new position in Credo Technology Group during the third quarter worth about $30,000. Finally, GAMMA Investing LLC grew its position in shares of Credo Technology Group by 56.3% during the 4th 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 institutional investors.

Credo Technology Group Price Performance

CRDO opened at $42.07 on Friday. The company has a market capitalization of $7.04 billion, a price-to-earnings ratio of -280.47 and a beta of 2.09. The business’s 50-day moving average price is $69.20 and its two-hundred day moving average price is $52.09. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $86.69.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on CRDO shares. Mizuho increased their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. TD Cowen upped their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Susquehanna reduced their target price on Credo Technology Group from $80.00 to $60.00 and set a “neutral” rating on the stock in a report on Wednesday. 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. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $74.90.

Insider Activity at Credo Technology Group

In related news, COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total value of $6,113,000.00. Following the completion of the transaction, the chief operating officer now owns 1,000,000 shares of the company’s stock, valued at approximately $61,130,000. This trade represents a 9.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total transaction of $265,034.70. Following the sale, the chief financial officer now directly owns 652,666 shares in the company, valued at $45,640,933.38. This trade represents a 0.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,190,496 shares of company stock valued at $82,695,512. 16.04% of the stock is owned by 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.