KLP Kapitalforvaltning AS Invests $1.92 Million in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

KLP Kapitalforvaltning AS purchased a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 28,600 shares of the company’s stock, valued at approximately $1,922,000.

A number of other large investors also recently bought and sold shares of CRDO. Point72 Hong Kong Ltd acquired a new stake in shares of Credo Technology Group during the 3rd quarter valued at about $3,948,000. Wellington Management Group LLP boosted its position in Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares in the last quarter. Centiva Capital LP acquired a new stake in Credo Technology Group in the third quarter valued at approximately $553,000. Charles Schwab Investment Management Inc. grew its holdings in Credo Technology Group by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after purchasing an additional 95,335 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Credo Technology Group by 94.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after buying an additional 118,169 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRDO has been the subject of a number of research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 target price on shares of Credo Technology Group in a report on Wednesday, March 5th. Mizuho lifted their target price on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Craig Hallum upped their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. 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 research report on Tuesday, December 3rd. Finally, Bank of America decreased their target price on shares of 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. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group presently has an average rating of “Buy” and an average target price of $74.90.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $69.52, for a total value of $6,952,000.00. Following the sale, the chief operating officer now directly owns 300,000 shares of the company’s stock, valued at approximately $20,856,000. This represents a 25.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Monday, March 17th. The stock was sold at an average price of $47.29, for a total transaction of $2,600,950.00. Following the sale, the chief technology officer now directly owns 8,103,602 shares of the company’s stock, valued at approximately $383,219,338.58. This trade represents a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,120,665 shares of company stock valued at $75,788,792 in the last 90 days. Company insiders own 16.04% of the company’s stock.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $42.43 on Friday. The stock has a market capitalization of $7.20 billion, a price-to-earnings ratio of -282.87 and a beta of 2.16. The business has a 50-day moving average of $61.36 and a 200 day moving average of $53.42. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month 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.