Rhumbline Advisers Purchases 20,537 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Rhumbline Advisers boosted its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 11.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 195,431 shares of the company’s stock after buying an additional 20,537 shares during the period. Rhumbline Advisers owned approximately 0.12% of Credo Technology Group worth $13,135,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CRDO. Allworth Financial LP boosted its stake in Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after buying an additional 771 shares during the last quarter. Rakuten Securities Inc. purchased a new stake in Credo Technology Group during the third quarter valued at approximately $30,000. Brown Brothers Harriman & Co. raised its position in Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after purchasing an additional 1,001 shares during the period. WASHINGTON TRUST Co purchased a new stake in Credo Technology Group during the fourth quarter valued at approximately $43,000. Finally, Larson Financial Group LLC raised its position 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 valued at $61,000 after purchasing an additional 1,399 shares during the period. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Stock Down 6.3 %

Shares of NASDAQ:CRDO opened at $66.78 on Friday. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69. The stock has a market cap of $11.17 billion, a P/E ratio of -445.20 and a beta of 2.09. The business’s 50 day moving average is $72.26 and its 200 day moving average is $50.68.

Analysts Set New Price Targets

A number of brokerages have issued reports on CRDO. Craig Hallum upped their price objective on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. TD Cowen increased their price target on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group increased their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price target for the stock from $27.00 to $80.00 in a report on Tuesday, December 3rd. Finally, Barclays increased their price target on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $76.40.

Insider Buying and Selling

In other news, CFO Daniel W. Fleming sold 12,504 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $48.48, for a total value of $606,193.92. Following the completion of the sale, the chief financial officer now owns 656,456 shares of the company’s stock, valued at $31,824,986.88. This trade represents a 1.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total value of $9,733,482.00. Following the completion of the sale, the chief executive officer now directly owns 2,370,858 shares of the company’s stock, valued at $160,388,543.70. The trade was a 5.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,305,679 shares of company stock valued at $89,862,242 over the last quarter. 16.04% of the stock is owned by corporate 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.