642,337 Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Purchased by Elemental Capital Partners LLC

Elemental Capital Partners LLC acquired a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 642,337 shares of the company’s stock, valued at approximately $43,171,000. Credo Technology Group accounts for 40.4% of Elemental Capital Partners LLC’s investment portfolio, making the stock its largest holding.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CRDO. Allworth Financial LP increased its position 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 acquiring an additional 771 shares during the period. Rakuten Securities Inc. purchased a new position in shares of Credo Technology Group during the third quarter worth approximately $30,000. Brown Brothers Harriman & Co. increased its position in shares of 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 period. Larson Financial Group LLC increased its position in shares of Credo Technology Group by 240.0% during the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock worth $61,000 after acquiring an additional 1,399 shares during the period. Finally, GAMMA Investing LLC increased its position in shares of Credo Technology Group by 56.3% during the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after acquiring an additional 351 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Credo Technology Group news, Director Lip Bu Tan sold 3,799 shares of the stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $70.73, for a total value of $268,703.27. Following the sale, the director now directly owns 1,709,926 shares of the company’s stock, valued at approximately $120,943,065.98. This represents a 0.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $66.96, for a total transaction of $125,550.00. Following the completion of the sale, the director now directly owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. This represents a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,360,679 shares of company stock worth $92,467,592. 16.04% of the stock is owned by insiders.

Credo Technology Group Stock Up 4.4 %

CRDO stock opened at $79.59 on Thursday. The stock has a market capitalization of $13.31 billion, a P/E ratio of -530.60 and a beta of 2.09. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69. The firm has a 50-day simple moving average of $70.22 and a 200-day simple moving average of $46.85.

Analyst Ratings Changes

CRDO has been the topic of a number of recent research reports. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price objective for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. The Goldman Sachs Group raised their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Barclays raised their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Susquehanna initiated coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 target price for the company. Finally, TD Cowen lifted their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $76.40.

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.