Cranbrook Wealth Management LLC Makes New Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Cranbrook Wealth Management LLC bought a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 1,609 shares of the company’s stock, valued at approximately $51,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Wellington Management Group LLP bought a new stake in Credo Technology Group in the fourth quarter valued at approximately $35,224,000. Vanguard Group Inc. increased its position in shares of Credo Technology Group by 11.3% in the 4th quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock valued at $272,414,000 after buying an additional 1,420,664 shares in the last quarter. TimesSquare Capital Management LLC acquired a new stake in Credo Technology Group during the 1st quarter worth $22,535,000. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Credo Technology Group by 290.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company’s stock worth $25,096,000 after acquiring an additional 881,344 shares in the last quarter. Finally, Westfield Capital Management Co. LP acquired a new position in Credo Technology Group in the first quarter valued at about $17,847,000. 80.46% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $27.69, for a total value of $276,900.00. Following the completion of the sale, the chief operating officer now owns 2,885,840 shares of the company’s stock, valued at approximately $79,908,909.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Lip Bu Tan sold 6,110 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $31.33, for a total value of $191,426.30. Following the completion of the sale, the director now directly owns 3,125,061 shares of the company’s stock, valued at $97,908,161.13. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $27.69, for a total value of $276,900.00. Following the completion of the sale, the chief operating officer now owns 2,885,840 shares in the company, valued at approximately $79,908,909.60. The disclosure for this sale can be found here. Insiders have sold 981,190 shares of company stock valued at $29,481,347 in the last 90 days. 23.89% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on CRDO. Needham & Company LLC lifted their price objective on Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 5th. The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Bank of America increased their price objective on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research report on Thursday, September 5th. Roth Mkm boosted their price objective on shares of Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Finally, Craig Hallum upped their target price on shares of Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $34.00.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $27.76 on Tuesday. Credo Technology Group Holding Ltd has a fifty-two week low of $13.38 and a fifty-two week high of $36.80. The stock has a market capitalization of $4.59 billion, a price-to-earnings ratio of -154.22 and a beta of 2.26. The business has a 50-day moving average of $29.80 and a 200-day moving average of $25.10.

Credo Technology Group Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.