WCM Investment Management LLC Purchases New Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

WCM Investment Management LLC acquired a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, HoldingsChannel reports. The fund acquired 153,523 shares of the company’s stock, valued at approximately $10,685,000.

Other large investors have also recently added to or reduced their stakes in the company. Allworth Financial LP grew its stake in shares of Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after acquiring an additional 771 shares in the last quarter. Rakuten Securities Inc. bought a new stake in Credo Technology Group in the 3rd quarter valued at about $30,000. GAMMA Investing LLC grew its position in shares of Credo Technology Group by 56.3% during the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after purchasing an additional 351 shares in the last quarter. Brown Brothers Harriman & Co. increased its holdings in shares of Credo Technology Group by 695.1% during the third 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 during the period. Finally, Larson Financial Group LLC raised its position in shares of Credo Technology Group by 240.0% in the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after buying an additional 1,399 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Insiders Place Their Bets

In related news, Director Pantas Sutardja sold 1,875 shares of the firm’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $66.96, for a total transaction of $125,550.00. Following the sale, the director now owns 5,902,402 shares of the company’s stock, valued at $395,224,837.92. This trade represents a 0.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of the company’s 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 of the company’s stock, valued at approximately $84,743,335.25. The trade was a 11.87 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,305,679 shares of company stock valued at $89,862,242. 16.04% of the stock is currently owned by insiders.

Credo Technology Group Price Performance

CRDO stock opened at $77.28 on Monday. The stock has a market cap of $12.92 billion, a price-to-earnings ratio of -515.20 and a beta of 2.09. The company has a 50 day simple moving average of $71.46 and a 200 day simple moving average of $47.66. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $86.69.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CRDO. Roth Mkm increased their price target on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. 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. Susquehanna began coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price objective on the stock. Needham & Company LLC raised their target price on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and upped their price target for the stock from $27.00 to $80.00 in a report on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $76.40.

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.