Legato Capital Management LLC Invests $1.55 Million in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Legato Capital Management LLC purchased a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 4th quarter, Holdings Channel.com reports. The firm purchased 23,002 shares of the company’s stock, valued at approximately $1,546,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Allworth Financial LP grew its holdings in shares of Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after buying an additional 771 shares in the last quarter. Rakuten Securities Inc. purchased a new position in shares of Credo Technology Group in the third quarter worth about $30,000. Brown Brothers Harriman & Co. boosted its position in Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after acquiring an additional 1,001 shares during the last quarter. Larson Financial Group LLC grew its stake in Credo Technology Group by 240.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after acquiring an additional 1,399 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings 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 during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Trading Down 3.0 %

Shares of CRDO opened at $71.35 on Thursday. The company’s 50-day moving average price is $72.15 and its 200 day moving average price is $48.48. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69. The firm has a market cap of $11.93 billion, a P/E ratio of -475.67 and a beta of 2.09.

Insider Buying and Selling at Credo Technology Group

In other news, Director Lip Bu Tan sold 150,000 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $76.09, for a total value of $11,413,500.00. Following the completion of the transaction, the director now owns 1,113,725 shares of the company’s stock, valued at approximately $84,743,335.25. This trade represents a 11.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $48.57, for a total value of $2,671,350.00. Following the completion of the sale, the chief technology officer now owns 8,618,602 shares in the company, valued at approximately $418,605,499.14. The trade was a 0.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,305,679 shares of company stock worth $89,862,242 over the last three months. Insiders own 16.04% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Roth Mkm boosted their target price on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Needham & Company LLC boosted their price objective on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group upped their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Craig Hallum lifted their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Finally, Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and upped their price objective for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $76.40.

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.