Zevenbergen Capital Investments LLC Acquires 22,025 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Zevenbergen Capital Investments LLC raised its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 30.9% during the 4th quarter, Holdings Channel.com reports. The fund owned 93,350 shares of the company’s stock after acquiring an additional 22,025 shares during the period. Zevenbergen Capital Investments LLC’s holdings in Credo Technology Group were worth $6,274,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its position in shares of Credo Technology Group by 8.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $225,000 after buying an additional 255 shares during the last quarter. GAMMA Investing LLC boosted its stake 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 in the last quarter. Amalgamated Bank raised its holdings in shares of Credo Technology Group by 9.4% during the fourth 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. Advisors Asset Management Inc. increased its position in shares of Credo Technology Group by 11.3% during the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock valued at $145,000 after buying an additional 478 shares during the period. Finally, Arizona State Retirement System raised its holdings in Credo Technology Group by 1.2% in the fourth quarter. Arizona State Retirement System now owns 40,931 shares of the company’s stock worth $2,751,000 after purchasing an additional 501 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CRDO shares. Bank of America reduced their price target on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Mizuho raised their price objective 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. Barclays lifted their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Stifel Nicolaus increased their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report 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. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $74.90.

Insider Activity

In related news, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the transaction, the director now owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. The trade was a 0.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction dated Monday, December 30th. The stock was 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 $20,856,000. This trade represents a 25.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,065,665 shares of company stock valued at $73,051,442 in the last 90 days. Company insiders own 16.04% of the company’s stock.

Credo Technology Group Trading Down 0.3 %

Shares of NASDAQ CRDO opened at $46.34 on Monday. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69. The stock has a market cap of $7.87 billion, a PE ratio of -308.93 and a beta of 2.16. The company has a 50-day moving average of $63.41 and a 200 day moving average of $53.21.

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.