Nkcfo LLC Takes Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Nkcfo LLC purchased a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 20,000 shares of the company’s stock, valued at approximately $639,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fifth Third Bancorp raised its position in Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after buying an additional 400 shares during the last quarter. CWM LLC raised its holdings in shares of Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after purchasing an additional 594 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new stake in Credo Technology Group in the second quarter valued at $29,000. Advisors Asset Management Inc. boosted its holdings in Credo Technology Group by 47.6% in the first quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock valued at $81,000 after purchasing an additional 1,229 shares during the last quarter. Finally, Assetmark Inc. grew its position in Credo Technology Group by 30.1% during the 4th quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock worth $106,000 after purchasing an additional 1,263 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Trading Up 0.7 %

NASDAQ:CRDO opened at $29.18 on Friday. The stock has a 50 day moving average of $29.56 and a two-hundred day moving average of $25.22. Credo Technology Group Holding Ltd has a 12 month low of $13.38 and a 12 month high of $36.80. The firm has a market cap of $4.82 billion, a P/E ratio of -162.11 and a beta of 2.26.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on CRDO shares. Roth Mkm upped their target price on Credo Technology Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. Bank of America lifted their target price on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a report on Thursday, September 5th. Stifel Nicolaus raised their price target on shares of Credo Technology Group from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. The Goldman Sachs Group increased their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Finally, Barclays lifted their price target on Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Moderate Buy” and an average target price of $34.00.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $30.63, for a total transaction of $1,684,650.00. Following the sale, the chief technology officer now owns 9,388,602 shares of the company’s stock, valued at approximately $287,572,879.26. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $30.63, for a total value of $1,684,650.00. Following the transaction, the chief technology officer now directly owns 9,388,602 shares of the company’s stock, valued at $287,572,879.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lip Bu Tan sold 45,476 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $31.76, for a total transaction of $1,444,317.76. Following the completion of the sale, the director now owns 39,736 shares of the company’s stock, valued at approximately $1,262,015.36. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 981,190 shares of company stock worth $29,521,497. 23.89% of the stock is owned by corporate insiders.

Credo Technology Group Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.