Handelsbanken Fonder AB Buys 9,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Handelsbanken Fonder AB grew its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 37.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 33,000 shares of the company’s stock after purchasing an additional 9,000 shares during the period. Handelsbanken Fonder AB’s holdings in Credo Technology Group were worth $2,218,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Allworth Financial LP lifted its stake in shares of Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares during the last quarter. Rakuten Securities Inc. bought a new stake in shares of Credo Technology Group during the 3rd quarter worth approximately $30,000. Brown Brothers Harriman & Co. lifted its stake in shares of 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 acquiring an additional 1,001 shares during the last quarter. Kestra Investment Management LLC bought a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $38,000. Finally, WASHINGTON TRUST Co bought a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $43,000. 80.46% of the stock is owned by institutional investors.

Insider Activity

In other news, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction on Friday, December 20th. The stock was sold at an average price of $68.03, for a total value of $6,803,000.00. Following the transaction, the chief operating officer now directly owns 400,000 shares in the company, valued at approximately $27,212,000. This trade represents a 20.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel W. Fleming sold 12,504 shares of Credo Technology Group stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $48.48, for a total value of $606,193.92. Following the completion of the transaction, the chief financial officer now owns 656,456 shares in the company, valued at $31,824,986.88. This represents a 1.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,305,679 shares of company stock worth $89,862,242. 16.04% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on CRDO shares. Mizuho raised their price target on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price target for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Stifel Nicolaus raised their price target on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Barclays raised their price objective on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Finally, TD Cowen raised their price objective on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $76.40.

Credo Technology Group Trading Down 9.8 %

Shares of NASDAQ:CRDO opened at $60.22 on Tuesday. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69. The business’s fifty day simple moving average is $71.92 and its 200-day simple moving average is $51.09. The company has a market capitalization of $10.07 billion, a PE ratio of -401.47 and a beta of 2.09.

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.