Silver Oak Securities Incorporated Makes New Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Silver Oak Securities Incorporated bought a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 3,085 shares of the company’s stock, valued at approximately $215,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. JPMorgan Chase & Co. grew its position in Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after acquiring an additional 909,578 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in shares of Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after purchasing an additional 1,660,230 shares during the period. Swedbank AB grew its holdings in shares of Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares during the last quarter. Geode Capital Management LLC increased its stake in Credo Technology Group by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after buying an additional 170,412 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after buying an additional 705,512 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on CRDO shares. Stifel Nicolaus upped their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Mizuho raised their price objective on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. 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. Craig Hallum increased their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Finally, Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their price objective for the company from $27.00 to $80.00 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’s stock. According to data from MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average price target of $76.40.

Insider Transactions at Credo Technology Group

In related news, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the transaction, the chief executive officer now directly owns 2,370,858 shares in the company, valued at $160,388,543.70. The trade was a 5.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $68.03, for a total value of $6,803,000.00. Following the completion of the sale, the chief operating officer now owns 400,000 shares of the company’s stock, valued at approximately $27,212,000. This trade represents a 20.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,305,679 shares of company stock valued at $89,862,242 in the last 90 days. Insiders own 16.04% of the company’s stock.

Credo Technology Group Price Performance

CRDO opened at $77.28 on Monday. The firm has a market capitalization of $12.92 billion, a PE ratio of -515.20 and a beta of 2.09. The business’s 50-day moving average is $71.46 and its two-hundred day moving average is $47.66. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $86.69.

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.