10,418 Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Purchased by Proficio Capital Partners LLC

Proficio Capital Partners LLC purchased a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 10,418 shares of the company’s stock, valued at approximately $700,000.

Other hedge funds also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its stake in Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after acquiring an additional 909,578 shares during the period. Point72 Asset Management L.P. lifted its stake in Credo Technology Group by 73.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after acquiring an additional 1,660,230 shares during the period. Swedbank AB lifted its stake in Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after acquiring an additional 2,961,454 shares during the period. Geode Capital Management LLC lifted its stake in Credo Technology Group by 5.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after acquiring an additional 170,412 shares during the period. Finally, Wellington Management Group LLP lifted its stake in Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after acquiring an additional 705,512 shares during the period. Institutional investors own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Bank of America lowered their target price on shares of 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. Craig Hallum increased their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Susquehanna lowered their price objective on shares of Credo Technology Group from $80.00 to $60.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 5th. Stifel Nicolaus increased their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Finally, TD Cowen increased their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus price target of $74.90.

Insider Buying and Selling

In other news, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $69.93, for a total transaction of $265,034.70. Following the sale, the chief financial officer now owns 652,666 shares in the company, valued at $45,640,933.38. This trade represents a 0.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the transaction, the chief operating officer now owns 1,000,000 shares of the company’s stock, valued at approximately $61,130,000. This represents a 9.09 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,190,496 shares of company stock valued at $82,695,512. 16.04% of the stock is owned by corporate insiders.

Credo Technology Group Trading Up 3.9 %

Credo Technology Group stock opened at $43.70 on Monday. The firm has a 50 day moving average of $68.69 and a 200 day moving average of $52.43. The firm has a market capitalization of $7.31 billion, a price-to-earnings ratio of -291.33 and a beta of 2.16. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69.

Credo Technology Group 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.