Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stake Boosted by Pacer Advisors Inc.

Pacer Advisors Inc. raised its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 30.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,906 shares of the company’s stock after buying an additional 907 shares during the quarter. Pacer Advisors Inc.’s holdings in Credo Technology Group were worth $263,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. KBC Group NV lifted its position in shares of Credo Technology Group by 48.1% in the 4th quarter. KBC Group NV now owns 5,661 shares of the company’s stock valued at $380,000 after acquiring an additional 1,839 shares in the last quarter. Wesbanco Bank Inc. raised its stake in Credo Technology Group by 25.7% during the 4th quarter. Wesbanco Bank Inc. now owns 19,535 shares of the company’s stock valued at $1,313,000 after purchasing an additional 4,000 shares during the period. Janney Montgomery Scott LLC purchased a new stake in shares of Credo Technology Group in the fourth quarter valued at $353,000. Finley Financial LLC acquired a new stake in shares of Credo Technology Group in the fourth quarter worth $173,000. Finally, 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 valued at $225,000 after buying an additional 255 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CRDO shares. Stifel Nicolaus increased 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. TD Cowen raised their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Roth Mkm upped their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Craig Hallum lifted their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Finally, Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and upped their price target for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $76.40.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $76.25 on Wednesday. The stock has a market capitalization of $12.75 billion, a P/E ratio of -508.33 and a beta of 2.09. The business has a 50-day moving average of $69.54 and a two-hundred day moving average of $46.62. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69.

Insider Buying and Selling

In related news, CEO William Joseph Brennan sold 143,880 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the completion of the sale, the chief executive officer now owns 2,370,858 shares in the company, valued at $160,388,543.70. This represents a 5.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Pantas Sutardja sold 1,875 shares of the firm’s stock in a transaction that occurred on 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 sale, the director now directly owns 5,902,402 shares in the company, valued at $395,224,837.92. This trade represents a 0.03 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,360,679 shares of company stock worth $92,467,592. 16.04% of the stock is currently owned by insiders.

Credo Technology Group 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.