Intech Investment Management LLC Buys 4,997 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Intech Investment Management LLC grew its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 11.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 47,556 shares of the company’s stock after buying an additional 4,997 shares during the period. Intech Investment Management LLC’s holdings in Credo Technology Group were worth $3,196,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the business. Cibc World Markets Corp bought a new position in shares of Credo Technology Group during the 4th quarter valued at about $881,000. SlateStone Wealth LLC bought a new position in shares of Credo Technology Group during the 4th quarter valued at about $1,348,000. Corient Private Wealth LLC bought a new position in shares of Credo Technology Group during the 4th quarter valued at about $223,000. Commonwealth Equity Services LLC bought a new position in shares of Credo Technology Group during the 4th quarter valued at about $444,000. Finally, Swiss National Bank lifted its holdings in shares of Credo Technology Group by 1.3% during the 4th quarter. Swiss National Bank now owns 277,616 shares of the company’s stock valued at $18,659,000 after purchasing an additional 3,500 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Up 6.1 %

NASDAQ:CRDO opened at $46.77 on Thursday. The firm 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 twelve month low of $16.82 and a twelve month high of $86.69. The stock’s 50 day moving average price is $64.49 and its two-hundred day moving average price is $52.88.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Bank of America dropped their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. The Goldman Sachs Group lifted their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Barclays lifted their target price on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Finally, TD Cowen lifted their target price on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $74.90.

Insiders Place Their Bets

In related news, Director Pantas Sutardja sold 1,875 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $66.96, for a total transaction of $125,550.00. Following the transaction, the director now directly owns 5,902,402 shares of the company’s stock, valued at approximately $395,224,837.92. The trade was a 0.03 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $47.29, for a total value of $2,600,950.00. Following the transaction, the chief technology officer now directly owns 8,103,602 shares in the company, valued at $383,219,338.58. The trade was a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,241,706 shares of company stock valued at $85,031,428 in the last 90 days. 16.04% of the stock is currently owned by 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.