Intech Investment Management LLC Has $3.20 Million Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Intech Investment Management LLC raised its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 11.7% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 47,556 shares of the company’s stock after purchasing an additional 4,997 shares during the period. Intech Investment Management LLC’s holdings in Credo Technology Group were worth $3,196,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cibc World Markets Corp acquired a new position in Credo Technology Group in the 4th quarter valued at $881,000. SlateStone Wealth LLC acquired a new position in Credo Technology Group in the 4th quarter valued at $1,348,000. Corient Private Wealth LLC acquired a new position in Credo Technology Group in the 4th quarter valued at $223,000. Commonwealth Equity Services LLC acquired a new position in Credo Technology Group in the 4th quarter valued at $444,000. Finally, Swiss National Bank grew its holdings in Credo Technology Group by 1.3% in the 4th quarter. Swiss National Bank now owns 277,616 shares of the company’s stock valued at $18,659,000 after buying an additional 3,500 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Stock Up 6.1 %

NASDAQ:CRDO opened at $46.77 on Thursday. The stock’s 50-day simple moving average is $64.49 and its 200 day simple moving average is $52.88. The firm has a market capitalization of $7.94 billion, a PE ratio of -311.80 and a beta of 2.16. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69.

Analyst Ratings Changes

CRDO has been the topic of several analyst reports. Needham & Company LLC reissued a “buy” rating and set a $80.00 target price on shares of Credo Technology Group in a report on Wednesday, March 5th. Barclays increased their target price on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. The Goldman Sachs Group increased their target price on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Mizuho increased their target price on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Finally, Craig Hallum increased their target price on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group currently has an average rating of “Buy” and a consensus target price of $74.90.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $76.09, for a total value of $11,413,500.00. Following the completion of the transaction, the director now directly owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. This trade represents a 11.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $72.61, for a total value of $275,191.90. Following the completion of the transaction, the chief financial officer now owns 638,564 shares of the company’s stock, valued at $46,366,132.04. This represents a 0.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,241,706 shares of company stock valued at $85,031,428 over the last ninety days. 16.04% of the stock is owned by corporate insiders.

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.