Los Angeles Capital Management LLC Increases Stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Los Angeles Capital Management LLC boosted its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 20.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 22,061 shares of the company’s stock after buying an additional 3,725 shares during the period. Los Angeles Capital Management LLC’s holdings in Credo Technology Group were worth $1,483,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Amalgamated Bank raised its position in shares of Credo Technology Group by 9.4% in the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock worth $321,000 after acquiring an additional 411 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Credo Technology Group by 7.0% in the fourth quarter. Bank of New York Mellon Corp now owns 562,382 shares of the company’s stock worth $37,798,000 after purchasing an additional 36,949 shares during the period. Valliance Asset Management Ltd bought a new position in Credo Technology Group in the fourth quarter worth $5,041,000. Thompson Davis & CO. Inc. purchased a new position in Credo Technology Group during the fourth quarter valued at $343,000. Finally, O Neil Global Advisors Inc. bought a new stake in shares of Credo Technology Group during the 4th quarter valued at $4,703,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. TD Cowen increased their price target 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. Susquehanna assumed coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They set a “neutral” rating and a $80.00 target price for the company. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price target for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Barclays raised their price objective 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, The Goldman Sachs Group boosted their target price on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and a consensus price target of $76.40.

Insider Buying and Selling

In other news, Director Lip Bu Tan sold 150,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the sale, the director now owns 1,113,725 shares of the company’s stock, valued at $84,743,335.25. This trade represents a 11.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Daniel W. Fleming sold 12,504 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $48.48, for a total transaction of $606,193.92. Following the transaction, the chief financial officer now directly owns 656,456 shares of the company’s stock, valued at $31,824,986.88. The trade was a 1.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,405,679 shares of company stock worth $95,975,242. 16.04% of the stock is owned by corporate insiders.

Credo Technology Group Price Performance

CRDO stock opened at $55.18 on Friday. The stock has a market capitalization of $9.23 billion, a P/E ratio of -367.87 and a beta of 2.09. 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 $71.27 and a 200-day moving average price of $51.38.

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.