59,788 Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Purchased by Nicholas Investment Partners LP

Nicholas Investment Partners LP bought a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 4th quarter, HoldingsChannel.com reports. The fund bought 59,788 shares of the company’s stock, valued at approximately $4,018,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group in the 4th quarter worth about $38,000. WASHINGTON TRUST Co bought a new position in shares of Credo Technology Group during the 4th quarter valued at approximately $43,000. Principal Securities Inc. increased its stake in shares of Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after purchasing an additional 576 shares during the last quarter. Quarry LP bought a new stake in shares of Credo Technology Group in the 4th quarter worth approximately $58,000. Finally, Plato Investment Management Ltd purchased a new position in Credo Technology Group in the fourth quarter valued at approximately $61,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insider Buying and Selling at Credo Technology Group

In related news, COO Yat Tung Lam sold 100,000 shares of the company’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 directly owns 1,000,000 shares in the company, valued at approximately $61,130,000. The trade was a 9.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the company’s stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $46.01, for a total value of $86,268.75. Following the completion of the transaction, the director now owns 5,900,527 shares of the company’s stock, valued at $271,483,247.27. The trade was a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 573,665 shares of company stock valued at $25,908,531 in the last 90 days. Corporate insiders own 16.04% of the company’s stock.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $59.07 on Wednesday. The stock has a market cap of $10.03 billion, a P/E ratio of -393.80 and a beta of 2.29. Credo Technology Group Holding Ltd has a fifty-two week low of $17.52 and a fifty-two week high of $86.69. The firm’s fifty day moving average price is $42.94 and its 200-day moving average price is $55.75.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Barclays lowered their target price on Credo Technology Group from $90.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Bank of America reduced their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Mizuho dropped their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a research note on Thursday, April 3rd. Finally, Stifel Nicolaus reduced their price objective on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $71.50.

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.