Sara Bay Financial Acquires Shares of 4,600 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Sara Bay Financial purchased a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 4,600 shares of the company’s stock, valued at approximately $320,000.

Other large investors have also recently made changes to their positions in the company. Allworth Financial LP increased its holdings in shares of Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after buying an additional 771 shares during the period. Rakuten Securities Inc. bought a new stake in shares of Credo Technology Group in the 3rd quarter worth approximately $30,000. Brown Brothers Harriman & Co. boosted its position in shares of Credo Technology Group by 695.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after purchasing an additional 1,001 shares in the last quarter. Larson Financial Group LLC raised its holdings in Credo Technology Group by 240.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock worth $61,000 after acquiring an additional 1,399 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after acquiring an additional 351 shares during the last quarter. 80.46% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $39.24, for a total value of $2,158,200.00. Following the completion of the transaction, the chief technology officer now owns 8,838,602 shares of the company’s stock, valued at $346,826,742.48. The trade was a 0.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lip Bu Tan sold 150,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $72.69, for a total transaction of $10,903,500.00. Following the completion of the transaction, the director now directly owns 963,725 shares of the company’s stock, valued at approximately $70,053,170.25. This represents a 13.47 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,188,804 shares of company stock worth $79,811,292. Insiders own 16.04% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CRDO shares. Roth Mkm boosted their target price on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their price target for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Craig Hallum raised their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Stifel Nicolaus lifted their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Finally, Mizuho boosted their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.40.

Credo Technology Group Price Performance

CRDO traded up $4.42 during midday trading on Friday, reaching $80.02. 6,453,006 shares of the company’s stock were exchanged, compared to its average volume of 3,286,705. The stock has a market capitalization of $13.38 billion, a PE ratio of -533.47 and a beta of 2.11. The business’s 50-day moving average price is $62.88 and its 200 day moving average price is $43.00. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $82.00.

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.