Raymond James Financial Inc. Makes New $27.24 Million Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Raymond James Financial Inc. purchased a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 405,253 shares of the company’s stock, valued at approximately $27,236,000.

Other large investors have also bought and sold shares of the company. Point72 Hong Kong Ltd acquired a new stake in Credo Technology Group in the third quarter worth $3,948,000. Wellington Management Group LLP grew its holdings in shares of Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after buying an additional 705,512 shares during the last quarter. Centiva Capital LP acquired a new position in shares of Credo Technology Group during the third quarter valued at about $553,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Credo Technology Group by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after buying an additional 95,335 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Credo Technology Group by 94.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after buying an additional 118,169 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $66.96, for a total value of $125,550.00. Following the sale, the director now owns 5,902,402 shares of the company’s stock, valued at approximately $395,224,837.92. The trade was a 0.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $57.87, for a total transaction of $3,182,850.00. Following the completion of the sale, the chief technology officer now directly owns 8,213,602 shares in the company, valued at approximately $475,321,147.74. This represents a 0.67 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,190,496 shares of company stock valued at $82,695,512. Company insiders own 16.04% of the company’s stock.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $49.15 on Friday. The stock has a market cap of $8.22 billion, a PE ratio of -327.67 and a beta of 2.16. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The firm’s 50-day simple moving average is $66.23 and its 200 day simple moving average is $52.52.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Bank of America reduced their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. 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. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Mizuho lifted their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Finally, The Goldman Sachs Group boosted 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. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Credo Technology Group currently has a consensus rating of “Buy” and a consensus price target of $74.90.

Credo Technology Group 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.