Proficio Capital Partners LLC Invests $700,000 in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Proficio Capital Partners LLC acquired a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 10,418 shares of the company’s stock, valued at approximately $700,000.

Several other institutional investors and hedge funds have also modified their holdings of the company. Kestra Investment Management LLC acquired a new position in Credo Technology Group in the fourth quarter valued at $38,000. WASHINGTON TRUST Co purchased a new stake in Credo Technology Group in the 4th quarter valued at about $43,000. Principal Securities Inc. increased its stake in shares of Credo Technology Group by 626.1% during the 4th 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 last quarter. Plato Investment Management Ltd purchased a new position in shares of Credo Technology Group during the 4th quarter worth about $61,000. Finally, GAMMA Investing LLC boosted its position 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 last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $69.52, for a total transaction of $6,952,000.00. Following the transaction, the chief operating officer now owns 300,000 shares of the company’s stock, valued at $20,856,000. This trade represents a 25.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $69.22, for a total value of $4,153,200.00. Following the completion of the transaction, the chief technology officer now owns 8,448,602 shares of the company’s stock, valued at approximately $584,812,230.44. The trade was a 0.71 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,065,665 shares of company stock valued at $73,051,442. Insiders own 16.04% of the company’s stock.

Credo Technology Group Trading Down 0.3 %

CRDO stock opened at $46.34 on Friday. The firm has a 50 day simple moving average of $63.41 and a 200-day simple moving average of $53.06. The company has a market capitalization of $7.87 billion, a P/E ratio of -308.93 and a beta of 2.16. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CRDO shares. TD Cowen increased their target price on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Mizuho raised their price objective on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Craig Hallum boosted their target price on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Bank of America dropped their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Credo Technology Group has a consensus rating of “Buy” and an average price target of $74.90.

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.