Handelsbanken Fonder AB Increases Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Handelsbanken Fonder AB increased its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 37.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,000 shares of the company’s stock after buying an additional 9,000 shares during the quarter. Handelsbanken Fonder AB’s holdings in Credo Technology Group were worth $2,218,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CRDO. Allworth Financial LP grew its stake in Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after buying an additional 771 shares during the last quarter. Rakuten Securities Inc. purchased a new position in Credo Technology Group during the 3rd quarter worth $30,000. Brown Brothers Harriman & Co. grew its stake in Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after buying an additional 1,001 shares during the last quarter. Kestra Investment Management LLC purchased a new position in Credo Technology Group during the 4th quarter worth $38,000. Finally, WASHINGTON TRUST Co acquired a new stake in Credo Technology Group during the 4th quarter worth about $43,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Needham & Company LLC lifted their price target on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. TD Cowen lifted 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 raised 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 lifted their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Finally, Stifel Nicolaus lifted their price target on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $76.40.

Insider Buying and Selling

In related news, Director Pantas Sutardja sold 1,875 shares of the company’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 of the company’s stock, valued at approximately $395,224,837.92. This represents a 0.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 3,799 shares of the company’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $70.73, for a total value of $268,703.27. Following the completion of the transaction, the director now directly owns 1,709,926 shares of the company’s stock, valued at $120,943,065.98. The trade was a 0.22 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,305,679 shares of company stock valued at $89,862,242. 16.04% of the stock is owned by company insiders.

Credo Technology Group Stock Down 9.8 %

Shares of CRDO stock opened at $60.22 on Tuesday. The stock has a market cap of $10.07 billion, a PE ratio of -401.47 and a beta of 2.09. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69. The business has a 50-day simple moving average of $71.92 and a 200-day simple moving average of $51.09.

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.