Occudo Quantitative Strategies LP Buys Shares of 23,385 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Occudo Quantitative Strategies LP bought a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 23,385 shares of the company’s stock, valued at approximately $1,572,000.

A number of other institutional investors also recently made changes to their positions in the business. Norges Bank acquired a new stake in Credo Technology Group in the fourth quarter worth $117,242,000. Alliancebernstein L.P. increased its position in Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock worth $117,011,000 after buying an additional 1,305,594 shares during the period. JPMorgan Chase & Co. increased its position in Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after buying an additional 909,578 shares during the period. Price T Rowe Associates Inc. MD increased its position in Credo Technology Group by 441.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company’s stock worth $65,594,000 after buying an additional 795,751 shares during the period. Finally, Elemental Capital Partners LLC acquired a new stake in Credo Technology Group in the fourth quarter worth $43,171,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, 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 completion of the sale, the chief operating officer now directly owns 1,000,000 shares of the company’s stock, valued at $61,130,000. This represents a 9.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $47.29, for a total value of $2,600,950.00. Following the sale, the chief technology officer now directly owns 8,103,602 shares of the company’s stock, valued at approximately $383,219,338.58. This represents a 0.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 573,665 shares of company stock valued at $25,908,531 over the last three months. Insiders own 16.04% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on CRDO. Stifel Nicolaus dropped their target price on Credo Technology Group from $85.00 to $69.00 and set a “buy” rating on the stock in a research report on Thursday, April 17th. Mizuho dropped their target price on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a research report on Thursday, April 3rd. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Barclays decreased their price target on Credo Technology Group from $90.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $71.50.

Credo Technology Group Stock Up 8.7%

Shares of NASDAQ CRDO opened at $55.23 on Tuesday. Credo Technology Group Holding Ltd has a 12 month low of $17.29 and a 12 month high of $86.69. The company has a market cap of $9.38 billion, a price-to-earnings ratio of -368.20 and a beta of 2.29. The business has a fifty day simple moving average of $42.94 and a 200-day simple moving average of $55.75.

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.