Raymond James Financial Inc. Makes New $27.24 Million Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Raymond James Financial Inc. bought a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 405,253 shares of the company’s stock, valued at approximately $27,236,000. Raymond James Financial Inc. owned approximately 0.24% of Credo Technology Group as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Brown Brothers Harriman & Co. grew its position in shares of Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after purchasing an additional 1,001 shares in the last quarter. Kestra Investment Management LLC acquired a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $38,000. WASHINGTON TRUST Co acquired a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $43,000. Principal Securities Inc. boosted its position 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 worth $45,000 after acquiring an additional 576 shares in the last quarter. Finally, Larson Financial Group LLC boosted its position in shares of Credo Technology Group by 240.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock worth $61,000 after acquiring an additional 1,399 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

CRDO stock opened at $49.15 on Friday. The company has a fifty day moving average price of $66.23 and a 200-day moving average price of $52.52. The company has a market capitalization of $8.22 billion, a P/E ratio of -327.67 and a beta of 2.16. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69.

Wall Street Analysts Forecast Growth

CRDO has been the topic of several analyst reports. Craig Hallum increased their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Bank of America reduced their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Stifel Nicolaus raised their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Finally, Barclays raised 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 report on Friday, January 17th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $74.90.

Insider Activity

In related news, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the completion of the transaction, the chief operating officer now owns 1,000,000 shares of the company’s stock, valued at $61,130,000. This trade represents a 9.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Friday, December 20th. The stock was sold at an average price of $68.04, for a total transaction of $3,742,200.00. Following the transaction, the chief technology officer now directly owns 8,508,602 shares of the company’s stock, valued at $578,925,280.08. This represents a 0.64 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,190,496 shares of company stock valued at $82,695,512. Insiders own 16.04% of the company’s stock.

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.