Everence Capital Management Inc. Buys Shares of 3,750 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Everence Capital Management Inc. bought a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 3,750 shares of the company’s stock, valued at approximately $252,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in CRDO. Assetmark Inc. raised its stake in Credo Technology Group by 5.4% during the third quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after buying an additional 257 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after purchasing an additional 351 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Credo Technology Group by 11.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock worth $145,000 after purchasing an additional 478 shares in the last quarter. US Bancorp DE grew its position in Credo Technology Group by 4.2% during the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company’s stock valued at $499,000 after purchasing an additional 649 shares during the last quarter. Finally, PDT Partners LLC increased its stake in Credo Technology Group by 0.7% during the 3rd quarter. PDT Partners LLC now owns 88,720 shares of the company’s stock valued at $2,733,000 after purchasing an additional 652 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Barclays lifted their target price on Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. Needham & Company LLC upped their price target on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Roth Mkm lifted their price objective on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, TD Cowen upped their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.10.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 100,000 shares of the business’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $38.16, for a total transaction of $3,816,000.00. Following the completion of the sale, the director now owns 1,763,725 shares of the company’s stock, valued at approximately $67,303,746. The trade was a 5.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $38.41, for a total value of $2,112,550.00. Following the completion of the transaction, the chief technology officer now directly owns 8,893,602 shares in the company, valued at $341,603,252.82. This trade represents a 0.61 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 845,295 shares of company stock worth $48,302,873. 16.04% of the stock is owned by company insiders.

Credo Technology Group Stock Down 1.8 %

NASDAQ CRDO opened at $75.28 on Wednesday. The company has a 50-day moving average price of $57.88 and a 200-day moving average price of $40.73. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $78.97. The firm has a market capitalization of $12.59 billion, a P/E ratio of -501.87 and a beta of 2.11.

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.