13,901 Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Acquired by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd purchased a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 13,901 shares of the company’s stock, valued at approximately $444,000.

Several other institutional investors and hedge funds have also bought and sold shares of CRDO. Wellington Management Group LLP purchased a new stake in Credo Technology Group in the fourth quarter valued at $35,224,000. Vanguard Group Inc. grew its holdings in Credo Technology Group by 11.3% during the fourth quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock worth $272,414,000 after acquiring an additional 1,420,664 shares during the period. TimesSquare Capital Management LLC purchased a new position in Credo Technology Group during the first quarter valued at approximately $22,535,000. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Credo Technology Group by 290.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company’s stock valued at $25,096,000 after acquiring an additional 881,344 shares during the period. Finally, Westfield Capital Management Co. LP purchased a new stake in Credo Technology Group in the 1st quarter worth approximately $17,847,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRDO has been the subject of several analyst reports. Bank of America reiterated an “underperform” rating and issued a $22.00 target price (up from $21.00) on shares of Credo Technology Group in a research note on Thursday, May 30th. Needham & Company LLC increased their target price on shares of Credo Technology Group from $26.00 to $29.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. TD Cowen upped their price target on Credo Technology Group from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Barclays raised their price objective on Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Finally, Stifel Nicolaus upped their target price on Credo Technology Group from $30.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. One analyst has rated the stock with a sell rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and an average price target of $30.38.

Insiders Place Their Bets

In other news, CEO William Joseph Brennan sold 49,368 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $25.78, for a total value of $1,272,707.04. Following the sale, the chief executive officer now directly owns 622,762 shares of the company’s stock, valued at approximately $16,054,804.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO William Joseph Brennan sold 49,368 shares of the business’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $25.78, for a total value of $1,272,707.04. Following the sale, the chief executive officer now owns 622,762 shares in the company, valued at approximately $16,054,804.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $28.21, for a total value of $282,100.00. Following the transaction, the chief operating officer now owns 3,130,945 shares of the company’s stock, valued at $88,323,958.45. The disclosure for this sale can be found here. Insiders sold a total of 886,678 shares of company stock valued at $26,885,494 over the last 90 days. 23.89% of the stock is owned by company insiders.

Credo Technology Group Stock Down 0.8 %

Shares of Credo Technology Group stock opened at $34.91 on Monday. The business’s fifty day simple moving average is $30.40 and its 200-day simple moving average is $24.64. The firm has a market cap of $5.77 billion, a PE ratio of -193.94 and a beta of 2.23. Credo Technology Group Holding Ltd has a 52 week low of $13.38 and a 52 week high of $36.80.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.