Polymer Capital Management US LLC Purchases Shares of 38,200 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Polymer Capital Management US LLC bought a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, HoldingsChannel.com reports. The firm bought 38,200 shares of the company’s stock, valued at approximately $2,567,000.

Other large investors have also added to or reduced their stakes in the company. Kestra Investment Management LLC bought a new stake in shares of Credo Technology Group during the 4th quarter valued at $38,000. WASHINGTON TRUST Co purchased a new stake in Credo Technology Group in the 4th quarter worth $43,000. Principal Securities Inc. raised its holdings in Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after acquiring an additional 576 shares during the period. Plato Investment Management Ltd purchased a new position in shares of Credo Technology Group in the fourth quarter valued at about $61,000. Finally, GAMMA Investing LLC boosted its stake in shares of Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after acquiring an additional 351 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $33.30 on Monday. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $86.69. The business’s 50 day moving average is $56.25 and its two-hundred day moving average is $54.32. The stock has a market capitalization of $5.65 billion, a P/E ratio of -222.00 and a beta of 2.30.

Analysts Set New Price Targets

Several brokerages recently issued reports on CRDO. Bank of America decreased their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Needham & Company LLC reiterated a “buy” rating and set a $80.00 price objective on shares of Credo Technology Group in a research report on Wednesday, March 5th. Stifel Nicolaus upped their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Mizuho reduced their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and a consensus price target of $74.60.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $49.77, for a total value of $2,737,350.00. Following the completion of the sale, the chief technology officer now owns 8,048,602 shares in the company, valued at approximately $400,578,921.54. This trade represents a 0.68 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $43.08, for a total transaction of $430,800.00. Following the transaction, the chief operating officer now directly owns 2,792,447 shares of the company’s stock, valued at approximately $120,298,616.76. This represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 830,665 shares of company stock worth $54,153,192. 16.04% of the stock is currently owned by company insiders.

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.