Hsbc Holdings PLC Buys 24,116 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Hsbc Holdings PLC grew its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 48.2% in the second quarter, HoldingsChannel.com reports. The fund owned 74,199 shares of the company’s stock after acquiring an additional 24,116 shares during the period. Hsbc Holdings PLC’s holdings in Credo Technology Group were worth $2,374,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Arcadia Investment Management Corp MI acquired a new stake in Credo Technology Group in the second quarter worth $29,000. Fifth Third Bancorp increased its position in shares of Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after buying an additional 400 shares in the last quarter. Covestor Ltd raised its stake in Credo Technology Group by 19,240.0% during the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock worth $41,000 after buying an additional 1,924 shares during the period. CWM LLC raised its position in shares of Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after purchasing an additional 594 shares during the period. Finally, Cranbrook Wealth Management LLC acquired a new position in shares of Credo Technology Group in the 2nd quarter valued at approximately $51,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on CRDO shares. TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a report on Monday, September 16th. The Goldman Sachs Group lifted their price target on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Barclays upped their price objective on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Bank of America raised their price target on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research note on Thursday, September 5th. Finally, Needham & Company LLC boosted their price objective on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.00.

Credo Technology Group Trading Up 4.7 %

Shares of CRDO opened at $31.23 on Friday. The company has a market cap of $5.16 billion, a price-to-earnings ratio of -173.50 and a beta of 2.26. The company’s fifty day simple moving average is $29.44 and its 200 day simple moving average is $25.46. Credo Technology Group Holding Ltd has a 1-year low of $13.38 and a 1-year high of $36.80.

Insider Transactions at Credo Technology Group

In related news, Director Lip Bu Tan sold 112,441 shares of Credo Technology Group stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $31.99, for a total transaction of $3,596,987.59. Following the completion of the transaction, the director now owns 133,583 shares in the company, valued at $4,273,320.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $30.62, for a total value of $306,200.00. Following the transaction, the chief operating officer now directly owns 3,117,777 shares in the company, valued at $95,466,331.74. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Lip Bu Tan sold 112,441 shares of the firm’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $31.99, for a total transaction of $3,596,987.59. Following the sale, the director now owns 133,583 shares of the company’s stock, valued at approximately $4,273,320.17. The disclosure for this sale can be found here. Insiders have sold 1,036,190 shares of company stock worth $31,153,347 in the last ninety days. Insiders own 23.89% of the company’s stock.

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.