Sumitomo Mitsui DS Asset Management Company Ltd Acquires 1,630 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 11.6% during the fourth quarter, Holdings Channel.com reports. The fund owned 15,686 shares of the company’s stock after purchasing an additional 1,630 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Credo Technology Group were worth $1,054,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Allworth Financial LP lifted its stake in shares of Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares during the period. Rakuten Securities Inc. bought a new stake in Credo Technology Group in the third quarter valued at about $30,000. Brown Brothers Harriman & Co. lifted its stake in Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after buying an additional 1,001 shares during the period. Larson Financial Group LLC boosted its holdings in Credo Technology Group by 240.0% during the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock worth $61,000 after buying an additional 1,399 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Credo Technology Group by 56.3% during the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after buying an additional 351 shares during the period. 80.46% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Credo Technology Group news, Director Lip Bu Tan sold 3,799 shares of the business’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.73, for a total transaction of $268,703.27. Following the sale, 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 sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Pantas Sutardja sold 1,875 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were 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 $395,224,837.92. The trade was a 0.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,305,679 shares of company stock valued at $89,862,242 in the last quarter. 16.04% of the stock is currently owned by insiders.

Credo Technology Group Price Performance

CRDO stock opened at $73.56 on Wednesday. The stock has a market capitalization of $12.30 billion, a P/E ratio of -490.40 and a beta of 2.09. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The business has a 50-day moving average of $72.05 and a 200-day moving average of $48.00.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CRDO. Craig Hallum increased their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Needham & Company LLC increased their target price on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price target for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. Stifel Nicolaus raised their price objective on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Finally, Roth Mkm boosted their target price on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $76.40.

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.