LMR Partners LLP Buys Shares of 35,935 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

LMR Partners LLP bought a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 35,935 shares of the company’s stock, valued at approximately $2,415,000.

Several other hedge funds have also added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. raised its stake in shares of Credo Technology Group by 27.4% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 39,505 shares of the company’s stock valued at $2,655,000 after acquiring an additional 8,494 shares during the last quarter. Jefferies Financial Group Inc. bought a new position in shares of Credo Technology Group during the fourth quarter valued at $29,871,000. Ensign Peak Advisors Inc raised its stake in shares of Credo Technology Group by 12.0% during the fourth quarter. Ensign Peak Advisors Inc now owns 28,400 shares of the company’s stock valued at $1,909,000 after acquiring an additional 3,050 shares during the last quarter. Ethic Inc. bought a new position in shares of Credo Technology Group during the fourth quarter valued at $216,000. Finally, Deutsche Bank AG raised its stake in shares of Credo Technology Group by 710.9% during the fourth quarter. Deutsche Bank AG now owns 623,332 shares of the company’s stock valued at $41,894,000 after acquiring an additional 546,466 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRDO has been the subject of several analyst reports. Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Stifel Nicolaus dropped their price target on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Needham & Company LLC reissued a “buy” rating and set a $80.00 target price on shares of Credo Technology Group in a research note on Wednesday, March 5th. Barclays lowered their target price on shares of 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, Bank of America lowered 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 note on Wednesday, March 5th. Nine 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 company has a consensus rating of “Buy” and a consensus target price of $71.50.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $49.77, for a total transaction of $2,737,350.00. Following the completion of the transaction, the chief technology officer now directly owns 8,048,602 shares in the company, valued at $400,578,921.54. This trade represents a 0.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction dated Wednesday, February 26th. The shares were 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 $61,130,000. This represents a 9.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 573,665 shares of company stock worth $25,908,531. 16.04% of the stock is currently owned by company insiders.

Credo Technology Group Trading Up 7.0%

NASDAQ:CRDO opened at $59.07 on Wednesday. The stock has a market capitalization of $10.03 billion, a price-to-earnings ratio of -393.80 and a beta of 2.29. The firm has a fifty day simple moving average of $42.94 and a two-hundred day simple moving average of $55.75. Credo Technology Group Holding Ltd has a 12 month low of $17.52 and a 12 month high of $86.69.

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.