O Shaughnessy Asset Management LLC Makes New $446,000 Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

O Shaughnessy Asset Management LLC acquired a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 6,639 shares of the company’s stock, valued at approximately $446,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after purchasing an additional 909,578 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Credo Technology Group by 5.7% in the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after purchasing an additional 170,412 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Credo Technology Group by 22.7% during the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after buying an additional 368,518 shares in the last quarter. Norges Bank purchased a new stake in Credo Technology Group in the 4th quarter valued at $117,242,000. Finally, Charles Schwab Investment Management Inc. raised its position in Credo Technology Group by 3.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company’s stock valued at $79,289,000 after buying an additional 43,169 shares during the last quarter. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Stock Down 11.6 %

NASDAQ CRDO opened at $38.24 on Friday. The firm has a market cap of $6.49 billion, a P/E ratio of -254.93 and a beta of 2.30. The company’s 50 day moving average is $53.29 and its 200-day moving average is $54.36. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CRDO shares. Stifel Nicolaus boosted their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Bank of America reduced their price objective on 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. The Goldman Sachs Group lifted their target price 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. Barclays increased their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a research report on Wednesday, March 5th. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $74.60.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $66.96, for a total transaction 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 $395,224,837.92. The trade was a 0.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $72.69, for a total transaction of $10,903,500.00. Following the completion of the sale, the director now directly owns 963,725 shares in the company, valued at approximately $70,053,170.25. The trade was a 13.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 721,875 shares of company stock worth $44,039,400. 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.