Valliance Asset Management Ltd Buys Shares of 75,000 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Valliance Asset Management Ltd purchased a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 75,000 shares of the company’s stock, valued at approximately $5,041,000. Credo Technology Group comprises about 9.1% of Valliance Asset Management Ltd’s investment portfolio, making the stock its 2nd biggest holding.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Allworth Financial LP grew its holdings in Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after buying an additional 771 shares in the last quarter. Rakuten Securities Inc. bought a new stake in Credo Technology Group in the third quarter worth $30,000. Brown Brothers Harriman & Co. increased its stake in Credo Technology Group by 695.1% in 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. Kestra Investment Management LLC purchased a new stake in Credo Technology Group in the fourth quarter worth $38,000. Finally, WASHINGTON TRUST Co purchased a new position in shares of Credo Technology Group during the fourth quarter valued at $43,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $66.78 on Friday. The business has a 50 day moving average price of $72.26 and a 200 day moving average price of $50.68. The company has a market capitalization of $11.17 billion, a P/E ratio of -445.20 and a beta of 2.09. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $86.69.

Wall Street Analyst Weigh In

CRDO has been the topic of several analyst reports. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their target price for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. TD Cowen lifted their target price on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Craig Hallum lifted their target price on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Susquehanna started coverage on Credo Technology Group in a report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target for the company. Finally, Mizuho boosted their price objective on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $76.40.

Insider Activity

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the business’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $66.96, for a total transaction of $125,550.00. Following the completion of the sale, the director now owns 5,902,402 shares of the company’s stock, valued at approximately $395,224,837.92. The trade was a 0.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $58.66, for a total value of $5,866,000.00. Following the completion of the sale, the chief operating officer now directly owns 2,825,621 shares of the company’s stock, valued at $165,750,927.86. The trade was a 3.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,305,679 shares of company stock valued at $89,862,242 over the last quarter. Company insiders own 16.04% of the company’s stock.

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.