SBI Securities Co. Ltd. Invests $178,000 in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

SBI Securities Co. Ltd. bought a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 2,646 shares of the company’s stock, valued at approximately $178,000.

A number of other institutional investors have also added to or reduced their stakes in CRDO. Versor Investments LP bought a new stake in shares of Credo Technology Group in the 4th quarter worth approximately $207,000. Proficio Capital Partners LLC acquired a new position in shares of Credo Technology Group in the fourth quarter valued at $700,000. Los Angeles Capital Management LLC lifted its position in Credo Technology Group by 20.3% in the fourth quarter. Los Angeles Capital Management LLC now owns 22,061 shares of the company’s stock worth $1,483,000 after purchasing an additional 3,725 shares during the period. Amalgamated Bank lifted its position in Credo Technology Group by 9.4% in the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock worth $321,000 after purchasing an additional 411 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Credo Technology Group by 7.0% in the 4th quarter. Bank of New York Mellon Corp now owns 562,382 shares of the company’s stock valued at $37,798,000 after buying an additional 36,949 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Stock Performance

Shares of CRDO stock opened at $42.07 on Friday. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69. The stock has a market capitalization of $7.04 billion, a PE ratio of -280.47 and a beta of 2.09. The stock’s fifty day moving average is $69.20 and its 200-day moving average is $52.09.

Insiders Place Their Bets

In related news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $80.59, for a total value of $805,900.00. Following the completion of the transaction, the chief operating officer now owns 2,825,621 shares in the company, valued at $227,716,796.39. The trade was a 0.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction 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 $395,224,837.92. The trade was a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,190,496 shares of company stock valued at $82,695,512 in the last 90 days. 16.04% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Susquehanna reduced their price objective on shares of Credo Technology Group from $80.00 to $60.00 and set a “neutral” rating for the company in a report on Wednesday. Bank of America decreased their price objective on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday. The Goldman Sachs Group upped their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Mizuho raised their target price 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. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $74.90.

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.