Edgestream Partners L.P. Buys New Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Edgestream Partners L.P. purchased a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 27,200 shares of the company’s stock, valued at approximately $869,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. grew its stake in shares of Credo Technology Group by 13.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 958,316 shares of the company’s stock valued at $18,658,000 after buying an additional 111,957 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Credo Technology Group by 20.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,573,707 shares of the company’s stock worth $30,642,000 after acquiring an additional 262,659 shares in the last quarter. Trexquant Investment LP acquired a new stake in Credo Technology Group in the fourth quarter valued at approximately $522,000. Assetmark Inc. increased its holdings in shares of Credo Technology Group by 30.1% during the fourth quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock valued at $106,000 after acquiring an additional 1,263 shares in the last quarter. Finally, Ghisallo Capital Management LLC acquired a new position in shares of Credo Technology Group during the fourth quarter worth approximately $9,735,000. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Stock Performance

NASDAQ:CRDO opened at $29.18 on Friday. Credo Technology Group Holding Ltd has a 52 week low of $13.38 and a 52 week high of $36.80. The firm has a 50-day moving average price of $29.56 and a two-hundred day moving average price of $25.26. The firm has a market cap of $4.82 billion, a price-to-earnings ratio of -162.11 and a beta of 2.26.

Wall Street Analysts Forecast Growth

CRDO has been the subject of several research reports. Roth Mkm lifted their price target on shares of Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. The Goldman Sachs Group lifted their price objective on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a report on Friday, September 6th. Stifel Nicolaus upped their target price on shares of Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. 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. Finally, TD Cowen raised Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.00.

Insider Activity

In other Credo Technology Group news, Director Lip Bu Tan sold 245,438 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $32.67, for a total value of $8,018,459.46. Following the completion of the transaction, the director now owns 2,863,725 shares in the company, valued at approximately $93,557,895.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Credo Technology Group news, Director Lip Bu Tan sold 245,438 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $32.67, for a total value of $8,018,459.46. Following the transaction, the director now directly owns 2,863,725 shares in the company, valued at $93,557,895.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The stock was 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 disclosure for this sale can be found here. Insiders sold a total of 981,190 shares of company stock valued at $29,521,497 over the last three months. Corporate insiders own 23.89% of the company’s stock.

About Credo Technology Group

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.