7,795 Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Bought by Freedom Investment Management Inc.

Freedom Investment Management Inc. acquired a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,795 shares of the company’s stock, valued at approximately $524,000.

A number of other large investors have also recently made changes to their positions in the business. Alpha DNA Investment Management LLC purchased a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $467,000. Canada Pension Plan Investment Board grew its stake in shares of Credo Technology Group by 318.3% in the 4th quarter. Canada Pension Plan Investment Board now owns 558,495 shares of the company’s stock worth $37,536,000 after acquiring an additional 424,995 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of Credo Technology Group by 165.5% in the fourth quarter. Marshall Wace LLP now owns 27,077 shares of the company’s stock valued at $1,820,000 after purchasing an additional 16,877 shares during the last quarter. Zacks Investment Management bought a new position in shares of Credo Technology Group during the fourth quarter valued at about $1,214,000. Finally, NewEdge Advisors LLC purchased a new position in Credo Technology Group during the fourth quarter worth about $208,000. 80.46% of the stock is owned by institutional investors.

Insider Activity

In related news, insider James Laufman sold 8,000 shares of Credo Technology Group stock in a transaction on Monday, April 14th. The stock was sold at an average price of $39.09, for a total transaction of $312,720.00. Following the completion of the sale, the insider now owns 271,725 shares of the company’s stock, valued at approximately $10,621,730.25. This trade represents a 2.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $37.29, for a total value of $2,050,950.00. Following the transaction, the chief technology officer now owns 7,828,602 shares of the company’s stock, valued at approximately $291,928,568.58. The trade was a 0.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 633,665 shares of company stock worth $33,612,713. 16.04% of the stock is owned by company insiders.

Analysts Set New Price Targets

CRDO has been the topic of a number of research analyst reports. Barclays boosted their target price on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Stifel Nicolaus cut their price target on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating on the stock in a report on Thursday. Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Needham & Company LLC reissued a “buy” rating and set a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th. Finally, Mizuho dropped their price objective on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a research note on Thursday, April 3rd. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $73.50.

Credo Technology Group Stock Down 3.2 %

Shares of NASDAQ CRDO opened at $36.52 on Monday. The business has a 50-day simple moving average of $48.58 and a two-hundred day simple moving average of $54.83. Credo Technology Group Holding Ltd has a 52 week low of $16.91 and a 52 week high of $86.69. The company has a market cap of $6.20 billion, a P/E ratio of -243.47 and a beta of 2.30.

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.