Polar Capital Holdings Plc Acquires 1,150,084 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Polar Capital Holdings Plc lifted its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 382.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,451,084 shares of the company’s stock after buying an additional 1,150,084 shares during the period. Polar Capital Holdings Plc owned about 0.87% of Credo Technology Group worth $97,527,000 as of its most recent filing with the SEC.

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

Insider Activity at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 3,790 shares of the firm’s stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $40.75, for a total transaction of $154,442.50. Following the transaction, the chief financial officer now directly owns 608,602 shares of the company’s stock, valued at $24,800,531.50. This trade represents a 0.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $32.96, for a total transaction of $1,812,800.00. Following the transaction, the chief technology officer now owns 7,938,602 shares in the company, valued at approximately $261,656,321.92. This trade represents a 0.69% 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 over the last 90 days. Insiders own 16.04% of the company’s stock.

Credo Technology Group Stock Performance

CRDO stock opened at $59.79 on Thursday. The company has a market capitalization of $10.15 billion, a P/E ratio of -398.60 and a beta of 2.29. Credo Technology Group Holding Ltd has a 52-week low of $17.73 and a 52-week high of $86.69. The business has a 50-day simple moving average of $43.60 and a two-hundred day simple moving average of $55.80.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. 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 reduced their target price 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. Mizuho dropped 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 price objective on 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. Finally, Susquehanna upgraded 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $71.50.

Credo Technology Group Company Profile

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.