Algert Global LLC Buys 35,880 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Algert Global LLC grew its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 27.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 167,547 shares of the company’s stock after acquiring an additional 35,880 shares during the quarter. Algert Global LLC owned about 0.10% of Credo Technology Group worth $11,261,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Nisa Investment Advisors LLC raised its holdings in Credo Technology Group by 8.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $225,000 after buying an additional 255 shares during the last quarter. CIBC Private Wealth Group LLC lifted its position in Credo Technology Group by 51.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock valued at $75,000 after acquiring an additional 348 shares in the last quarter. GAMMA Investing LLC lifted its position in Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after acquiring an additional 351 shares in the last quarter. Amalgamated Bank boosted its stake in Credo Technology Group by 9.4% during the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock valued at $321,000 after purchasing an additional 411 shares during the last quarter. Finally, Arizona State Retirement System increased its holdings in shares of Credo Technology Group by 1.2% in the 4th quarter. Arizona State Retirement System now owns 40,931 shares of the company’s stock worth $2,751,000 after purchasing an additional 501 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $48.26 on Friday. The business’s fifty day moving average is $43.30 and its 200 day moving average is $55.15. The company has a market capitalization of $8.19 billion, a PE ratio of -321.73 and a beta of 2.30. Credo Technology Group Holding Ltd has a fifty-two week low of $16.91 and a fifty-two week high of $86.69.

Insider Activity

In related news, insider James Laufman sold 8,000 shares of the company’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $39.09, for a total value of $312,720.00. Following the completion of the transaction, the insider now owns 271,725 shares of the company’s stock, valued at approximately $10,621,730.25. This represents a 2.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $61.13, for a total value of $6,113,000.00. Following the completion of the sale, the chief operating officer now owns 1,000,000 shares of the company’s stock, valued at $61,130,000. The trade was a 9.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 516,790 shares of company stock valued at $23,181,163 in the last ninety days. Corporate insiders own 16.04% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on CRDO shares. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Stifel Nicolaus decreased their price objective on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating for the company in a report on Thursday, April 17th. The Goldman Sachs Group raised their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Mizuho lowered their price target on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a report on Thursday, April 3rd. Finally, Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $71.50.

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.