KLP Kapitalforvaltning AS Acquires Shares of 28,600 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

KLP Kapitalforvaltning AS bought a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 28,600 shares of the company’s stock, valued at approximately $1,922,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Natixis Advisors LLC raised its stake in Credo Technology Group by 3.3% during the 3rd quarter. Natixis Advisors LLC now owns 28,833 shares of the company’s stock valued at $888,000 after acquiring an additional 934 shares during the last quarter. Advisors Asset Management Inc. raised its stake in shares of Credo Technology Group by 11.3% during the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock worth $145,000 after purchasing an additional 478 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Credo Technology Group by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after purchasing an additional 95,335 shares during the period. Larson Financial Group LLC grew its position in Credo Technology Group by 240.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after buying an additional 1,399 shares during the last quarter. Finally, Brown Brothers Harriman & Co. increased its stake in Credo Technology Group by 695.1% in the 3rd 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. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

CRDO opened at $42.43 on Friday. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $86.69. The stock has a market cap of $7.20 billion, a P/E ratio of -282.87 and a beta of 2.16. The stock’s 50 day simple moving average is $61.36 and its 200 day simple moving average is $53.42.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Monday, March 24th. The stock was sold at an average price of $49.77, for a total transaction of $2,737,350.00. Following the completion of the transaction, the chief technology officer now owns 8,048,602 shares of the company’s stock, valued at $400,578,921.54. The trade was a 0.68 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $80.59, for a total transaction of $805,900.00. Following the completion of the sale, the chief operating officer now directly owns 2,825,621 shares in the company, valued at approximately $227,716,796.39. The trade was a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,120,665 shares of company stock worth $75,788,792. 16.04% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CRDO. The Goldman Sachs Group raised their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Needham & Company LLC restated a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a research report on Wednesday, March 5th. Craig Hallum boosted their target price on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Barclays raised their price target on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Finally, Stifel Nicolaus upped their price objective on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Nine equities 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.com, Credo Technology Group currently has a consensus rating of “Buy” and a consensus price target of $74.90.

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.