Steward Partners Investment Advisory LLC Takes $4.33 Million Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Steward Partners Investment Advisory LLC purchased a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 64,453 shares of the company’s stock, valued at approximately $4,332,000.

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

Analyst Upgrades and Downgrades

Several brokerages recently commented on CRDO. The Goldman Sachs Group raised their price objective on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Susquehanna dropped their price objective on Credo Technology Group from $80.00 to $60.00 and set a “neutral” rating on the stock in a research note on Wednesday. TD Cowen raised their price objective on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Barclays raised their price objective on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Finally, Bank of America dropped their price target on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $74.90.

Credo Technology Group Price Performance

CRDO opened at $42.07 on Friday. 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. The company has a market capitalization of $7.04 billion, a price-to-earnings ratio of -280.47 and a beta of 2.09.

Insider Activity

In other news, Director Pantas Sutardja sold 1,875 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the transaction, the director now owns 5,902,402 shares in the company, valued at $395,224,837.92. This trade represents a 0.03 % 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, CFO Daniel W. Fleming sold 3,790 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $69.93, for a total value of $265,034.70. Following the completion of the transaction, the chief financial officer now owns 652,666 shares of the company’s stock, valued at $45,640,933.38. The trade was a 0.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,190,496 shares of company stock worth $82,695,512 in the last quarter. Corporate insiders own 16.04% of the company’s stock.

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.