Los Angeles Capital Management LLC Purchases 3,725 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Los Angeles Capital Management LLC lifted its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 20.3% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 22,061 shares of the company’s stock after purchasing an additional 3,725 shares during the period. Los Angeles Capital Management LLC’s holdings in Credo Technology Group were worth $1,483,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Creative Planning purchased a new stake in Credo Technology Group during the third quarter valued at approximately $359,000. Allworth Financial LP grew its position in shares of Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after acquiring an additional 771 shares during the period. US Bancorp DE increased its stake in shares of Credo Technology Group by 4.2% in the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company’s stock worth $499,000 after purchasing an additional 649 shares in the last quarter. F M Investments LLC raised its holdings in Credo Technology Group by 12.4% in the 3rd quarter. F M Investments LLC now owns 22,456 shares of the company’s stock worth $692,000 after purchasing an additional 2,475 shares during the period. Finally, Emerald Advisers LLC lifted its position in Credo Technology Group by 5.7% during the third quarter. Emerald Advisers LLC now owns 1,593,082 shares of the company’s stock valued at $49,067,000 after purchasing an additional 86,063 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the company. Mizuho upped their price target on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Craig Hallum increased their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Stifel Nicolaus lifted their price target 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. Susquehanna started coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price objective for the company. Finally, Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price objective for the company from $27.00 to $80.00 in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and a consensus target price of $76.40.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $55.18 on Friday. The firm has a market cap of $9.23 billion, a price-to-earnings ratio of -367.87 and a beta of 2.09. The firm has a fifty day moving average price of $71.27 and a 200 day moving average price of $51.38. 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 at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $48.57, for a total transaction of $2,671,350.00. Following the completion of the transaction, the chief technology officer now owns 8,618,602 shares in the company, valued at $418,605,499.14. This trade represents a 0.63 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Lip Bu Tan sold 3,799 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $70.73, for a total value of $268,703.27. Following the sale, the director now directly owns 1,709,926 shares in the company, valued at $120,943,065.98. This trade represents a 0.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,405,679 shares of company stock valued at $95,975,242 in the last 90 days. Insiders own 16.04% of the company’s stock.

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.