Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 7.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 562,382 shares of the company’s stock after purchasing an additional 36,949 shares during the quarter. Bank of New York Mellon Corp owned 0.34% of Credo Technology Group worth $37,798,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CRDO. Nisa Investment Advisors LLC boosted its holdings in Credo Technology Group by 8.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $225,000 after acquiring an additional 255 shares during the period. Assetmark Inc. boosted its holdings in Credo Technology Group by 5.4% in the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock worth $153,000 after acquiring an additional 257 shares during the period. GAMMA Investing LLC boosted its holdings in Credo Technology Group by 56.3% in the 4th 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. Advisors Asset Management Inc. boosted its holdings in Credo Technology Group by 11.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock worth $145,000 after acquiring an additional 478 shares during the period. Finally, Kestra Investment Management LLC purchased a new position in Credo Technology Group in the 4th quarter worth approximately $38,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on CRDO. Susquehanna decreased their price target on Credo Technology Group from $80.00 to $60.00 and set a “neutral” rating for the company in a report on Wednesday. Stifel Nicolaus increased their target price on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. The Goldman Sachs Group increased their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Mizuho increased their target price on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Finally, TD Cowen increased their target price on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. One equities research 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, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average price target of $74.90.

Credo Technology Group Price Performance

Shares of CRDO opened at $43.70 on Friday. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69. The business’s fifty day moving average price is $68.69 and its 200 day moving average price is $52.18. The stock has a market capitalization of $7.31 billion, a PE ratio of -291.33 and a beta of 2.16.

Insiders Place Their Bets

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total value of $265,034.70. Following the sale, the chief financial officer now directly owns 652,666 shares of the company’s stock, valued at $45,640,933.38. This trade represents a 0.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $68.03, for a total value of $6,803,000.00. Following the completion of the sale, the chief operating officer now directly owns 400,000 shares in the company, valued at $27,212,000. This represents a 20.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,190,496 shares of company stock valued at $82,695,512 over the last three months. Company insiders own 16.04% of the company’s stock.

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.