MIG Capital LLC Takes $336,000 Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

MIG Capital LLC purchased a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 4,993 shares of the company’s stock, valued at approximately $336,000.

Several other large investors have also added to or reduced their stakes in CRDO. Nisa Investment Advisors LLC lifted its position in shares of Credo Technology Group by 8.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $225,000 after purchasing an additional 255 shares during the period. CIBC Private Wealth Group LLC raised its stake in Credo Technology Group by 51.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock worth $75,000 after buying an additional 348 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after buying an additional 351 shares during the period. Amalgamated Bank boosted its position in Credo Technology Group by 9.4% during the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock valued at $321,000 after acquiring an additional 411 shares in the last quarter. Finally, Arizona State Retirement System grew its holdings in shares of Credo Technology Group by 1.2% during the 4th quarter. Arizona State Retirement System now owns 40,931 shares of the company’s stock worth $2,751,000 after acquiring an additional 501 shares during the period. Institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Mizuho lowered their target price on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research note on Thursday. Barclays boosted their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Bank of America decreased their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Needham & Company LLC reissued a “buy” rating and set a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. Finally, Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $74.60.

Insider Activity at Credo Technology Group

In related news, Director Lip Bu Tan sold 150,000 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $76.09, for a total value of $11,413,500.00. Following the sale, the director now owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. This trade represents a 11.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 60,000 shares of the stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $72.09, for a total value of $4,325,400.00. Following the transaction, the chief technology officer now directly owns 8,388,602 shares in the company, valued at $604,734,318.18. The trade was a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 980,665 shares of company stock valued at $65,566,692 over the last ninety days. Insiders own 16.04% of the company’s stock.

Credo Technology Group Trading Down 10.3 %

Shares of CRDO opened at $33.30 on Friday. The company has a market cap of $5.65 billion, a price-to-earnings ratio of -222.00 and a beta of 2.30. The business’s fifty day simple moving average is $56.25 and its two-hundred day simple moving average is $54.13. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $86.69.

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.