MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Raises Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 13.7% in the 4th quarter, Holdings Channel reports. The institutional investor owned 79,726 shares of the company’s stock after buying an additional 9,598 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Credo Technology Group were worth $5,358,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Nisa Investment Advisors LLC raised its position 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 acquiring an additional 255 shares in the last quarter. CIBC Private Wealth Group LLC lifted its stake in shares of Credo Technology Group by 51.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock valued at $75,000 after purchasing an additional 348 shares during the period. Amalgamated Bank boosted its holdings in Credo Technology Group by 9.4% during the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock worth $321,000 after buying an additional 411 shares in the last quarter. Arizona State Retirement System increased its holdings in Credo Technology Group by 1.2% in the fourth quarter. Arizona State Retirement System now owns 40,931 shares of the company’s stock valued at $2,751,000 after buying an additional 501 shares in the last quarter. Finally, Prudential Financial Inc. boosted its stake in shares of Credo Technology Group by 6.0% during the 4th quarter. Prudential Financial Inc. now owns 9,843 shares of the company’s stock worth $662,000 after acquiring an additional 560 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Trading Up 0.9%

Credo Technology Group stock opened at $60.13 on Monday. The stock has a 50-day moving average price of $44.34 and a 200 day moving average price of $56.30. Credo Technology Group Holding Ltd has a 52 week low of $18.54 and a 52 week high of $86.69. The stock has a market cap of $10.21 billion, a PE ratio of -400.87 and a beta of 2.29.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CRDO shares. Barclays dropped their price objective 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. Needham & Company LLC restated a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Mizuho cut their price target on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research note on Thursday, April 3rd. Stifel Nicolaus lowered their price objective on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Finally, Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average 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 on Monday, March 24th. The stock was sold at an average price of $49.77, for a total value of $2,737,350.00. Following the completion of the sale, the chief technology officer now owns 8,048,602 shares of the company’s stock, valued at $400,578,921.54. The trade was a 0.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction dated 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 transaction, the chief operating officer now owns 1,000,000 shares in the company, valued at $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 have sold 573,665 shares of company stock valued at $25,908,531 in the last ninety days. 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.