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

HB Wealth Management LLC bought a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,899 shares of the company’s stock, valued at approximately $262,000.

Other institutional investors also recently modified their holdings of the company. Allworth Financial LP grew its holdings in shares of Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after purchasing an additional 771 shares during the last quarter. Rakuten Securities Inc. acquired a new position in Credo Technology Group during the 3rd quarter worth about $30,000. Brown Brothers Harriman & Co. grew its holdings in 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 acquiring an additional 1,001 shares during the last quarter. Larson Financial Group LLC increased its position in Credo Technology Group by 240.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after acquiring an additional 1,399 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after acquiring an additional 351 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $80.47 on Friday. The business’s 50-day simple moving average is $66.70 and its 200-day simple moving average is $44.76. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The stock has a market capitalization of $13.46 billion, a PE ratio of -536.47 and a beta of 2.11.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Roth Mkm lifted their target price on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price objective for the stock from $27.00 to $80.00 in a report on Tuesday, December 3rd. Susquehanna assumed coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 target price on the stock. Mizuho boosted their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Finally, TD Cowen raised their price objective 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 equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $76.40.

Insider Activity

In other news, CFO Daniel W. Fleming sold 3,790 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $69.93, for a total value of $265,034.70. Following the sale, the chief financial officer now owns 652,666 shares of the company’s stock, valued at $45,640,933.38. The trade was a 0.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 60,000 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $80.57, for a total transaction of $4,834,200.00. Following the completion of the transaction, the chief technology officer now directly owns 8,268,602 shares of the company’s stock, valued at approximately $666,201,263.14. This trade represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,203,804 shares of company stock worth $83,293,192 over the last quarter. 16.04% of the stock is currently owned by company insiders.

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.