GTS Securities LLC Acquires New Stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

GTS Securities LLC acquired a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the fourth quarter, HoldingsChannel reports. The firm acquired 4,799 shares of the company’s stock, valued at approximately $323,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew its holdings in shares of Credo Technology Group by 8.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $225,000 after buying an additional 255 shares in the last quarter. CIBC Private Wealth Group LLC lifted its stake in shares of Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock valued at $75,000 after buying an additional 348 shares during the period. Amalgamated Bank boosted its position in Credo Technology Group by 9.4% during the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock worth $321,000 after acquiring an additional 411 shares during the last quarter. Arizona State Retirement System grew its stake in Credo Technology Group by 1.2% in the 4th quarter. Arizona State Retirement System now owns 40,931 shares of the company’s stock worth $2,751,000 after acquiring an additional 501 shares during the period. Finally, Prudential Financial Inc. grew its stake in Credo Technology Group by 6.0% in the 4th quarter. Prudential Financial Inc. now owns 9,843 shares of the company’s stock worth $662,000 after acquiring an additional 560 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Trading Down 1.5%

CRDO stock opened at $62.71 on Thursday. The company has a market cap of $10.65 billion, a PE ratio of -418.07 and a beta of 2.29. The stock has a 50-day moving average price of $46.79 and a two-hundred day moving average price of $57.13. Credo Technology Group Holding Ltd has a 12-month low of $20.09 and a 12-month high of $86.69.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $48.02, for a total transaction of $2,641,100.00. Following the completion of the sale, the chief technology officer now directly owns 7,663,602 shares in the company, valued at $368,006,168.04. The trade was a 0.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider James Laufman sold 8,000 shares of the stock in a transaction on Monday, April 14th. The stock was sold at an average price of $39.09, for a total transaction of $312,720.00. Following the completion of the sale, the insider now directly owns 271,725 shares of the company’s stock, valued at $10,621,730.25. The trade was a 2.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 473,665 shares of company stock worth $19,795,531 in the last three months. 16.04% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CRDO shares. Mizuho reduced their price target on 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. Stifel Nicolaus reduced their target price on Credo Technology Group from $85.00 to $69.00 and set a “buy” rating on the stock in a research report on Thursday, April 17th. Needham & Company LLC restated a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. Bank of America dropped 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 research note on Wednesday, March 5th. Finally, Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of “Buy” and a consensus price target 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.