Harvest Fund Management Co. Ltd Makes New Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Harvest Fund Management Co. Ltd acquired a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 30,349 shares of the company’s stock, valued at approximately $2,020,000.

Other institutional investors also recently bought and sold shares of the company. Brown Brothers Harriman & Co. increased its holdings in Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after purchasing an additional 1,001 shares during the period. Kestra Investment Management LLC purchased a new position in Credo Technology Group during the 4th quarter worth $38,000. WASHINGTON TRUST Co purchased a new position in shares of Credo Technology Group in the 4th quarter valued at $43,000. Principal Securities Inc. increased its holdings in shares of Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after acquiring an additional 576 shares during the period. Finally, Larson Financial Group LLC increased its holdings in shares of Credo Technology Group by 240.0% in 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 during the period. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Craig Hallum lifted their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Barclays lifted their price target on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Stifel Nicolaus lifted their price target on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. The Goldman Sachs Group lifted their price target on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Finally, Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Credo Technology Group presently has an average rating of “Buy” and a consensus price target of $74.90.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $46.77 on Thursday. The stock has a market capitalization of $7.94 billion, a price-to-earnings ratio of -311.80 and a beta of 2.16. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $86.69. The business has a fifty day moving average price of $64.49 and a 200-day moving average price of $52.88.

Insiders Place Their Bets

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $80.59, for a total transaction of $805,900.00. Following the completion of the sale, the chief operating officer now owns 2,825,621 shares of the company’s stock, valued at approximately $227,716,796.39. The trade was a 0.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $68.04, for a total value of $3,742,200.00. Following the sale, the chief technology officer now directly owns 8,508,602 shares of the company’s stock, valued at approximately $578,925,280.08. This represents a 0.64 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,241,706 shares of company stock valued at $85,031,428. 16.04% of the stock is owned by company insiders.

Credo Technology Group Company 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.