Trek Financial LLC Purchases New Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Trek Financial LLC acquired a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 28,205 shares of the company’s stock, valued at approximately $1,896,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Kestra Investment Management LLC bought a new stake in shares of Credo Technology Group during the fourth quarter valued at approximately $38,000. WASHINGTON TRUST Co purchased a new position in Credo Technology Group during the fourth quarter valued at $43,000. Principal Securities Inc. boosted its holdings in shares of Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after buying an additional 576 shares in the last quarter. Plato Investment Management Ltd purchased a new stake in shares of Credo Technology Group in the 4th quarter worth about $61,000. Finally, GAMMA Investing LLC increased its stake in shares of Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after acquiring an additional 351 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $33.30 on Monday. The business has a 50-day simple moving average of $56.25 and a two-hundred day simple moving average of $54.32. The firm has a market cap of $5.65 billion, a price-to-earnings ratio of -222.00 and a beta of 2.30. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 60,000 shares of the firm’s stock in a transaction on Wednesday, January 8th. The stock was 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. This trade represents a 0.71 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $73.26, for a total value of $7,326,000.00. Following the sale, the chief operating officer now owns 200,000 shares of the company’s stock, valued at approximately $14,652,000. This trade represents a 33.33 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 830,665 shares of company stock worth $54,153,192. 16.04% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. The Goldman Sachs Group raised their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Bank of America reduced their price objective on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Stifel Nicolaus boosted their target price on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Mizuho reduced their price target on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Susquehanna upgraded 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 issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $74.60.

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.