160,000 Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Purchased by Raiffeisen Bank International AG

Raiffeisen Bank International AG purchased a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 160,000 shares of the company’s stock, valued at approximately $11,136,000.

Other large investors have also recently added to or reduced their stakes in the company. Kestra Investment Management LLC purchased a new position in Credo Technology Group during the fourth quarter worth about $38,000. WASHINGTON TRUST Co purchased a new position in Credo Technology Group in the fourth quarter valued at about $43,000. Principal Securities Inc. increased its holdings in Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after buying an additional 576 shares in the last quarter. Quarry LP purchased a new position in Credo Technology Group in the fourth quarter valued at about $58,000. Finally, Plato Investment Management Ltd purchased a new position in Credo Technology Group in the fourth quarter valued at about $61,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CRDO shares. Barclays dropped 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 report on Tuesday, April 22nd. Stifel Nicolaus dropped their target price 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. Mizuho dropped their target price on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a report on Thursday, April 3rd. Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Finally, 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 report on Wednesday, March 5th. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Credo Technology Group presently has a consensus rating of “Buy” and a consensus target price of $71.50.

Credo Technology Group Price Performance

Shares of CRDO opened at $59.58 on Friday. The firm has a 50 day simple moving average of $44.00 and a 200-day simple moving average of $55.93. Credo Technology Group Holding Ltd has a 1-year low of $18.54 and a 1-year high of $86.69. The stock has a market cap of $10.12 billion, a price-to-earnings ratio of -397.20 and a beta of 2.29.

Insider Transactions at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 3,790 shares of the firm’s stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $40.75, for a total transaction of $154,442.50. Following the completion of the transaction, the chief financial officer now directly owns 608,602 shares of the company’s stock, valued at $24,800,531.50. This trade represents a 0.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief operating officer now directly owns 1,000,000 shares of the company’s stock, valued at approximately $61,130,000. This trade represents a 9.09% 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 in the last ninety days. Corporate insiders own 16.04% of the company’s stock.

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.