Scientech Research LLC Takes Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Scientech Research LLC bought a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the second quarter, HoldingsChannel reports. The institutional investor bought 40,603 shares of the company’s stock, valued at approximately $1,297,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Fifth Third Bancorp lifted its position in Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares in the last quarter. CWM LLC raised its position in shares of Credo Technology Group by 78.1% during the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after purchasing an additional 594 shares during the period. Arcadia Investment Management Corp MI purchased a new position in shares of Credo Technology Group in the second quarter valued at about $29,000. Advisors Asset Management Inc. grew its position in shares of Credo Technology Group by 47.6% during the first quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock worth $81,000 after purchasing an additional 1,229 shares in the last quarter. Finally, Assetmark Inc. boosted its stake in Credo Technology Group by 30.1% in the 4th quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock worth $106,000 after purchasing an additional 1,263 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insider Buying and Selling at Credo Technology Group

In other news, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the completion of the sale, the chief executive officer now directly owns 2,529,738 shares of the company’s stock, valued at $65,140,753.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $26.85, for a total transaction of $1,476,750.00. Following the transaction, the chief technology officer now directly owns 9,278,602 shares in the company, valued at approximately $249,130,463.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $25.75, for a total value of $3,704,910.00. Following the completion of the sale, the chief executive officer now owns 2,529,738 shares of the company’s stock, valued at $65,140,753.50. The disclosure for this sale can be found here. Insiders have sold 1,036,190 shares of company stock valued at $31,153,347 in the last quarter. 23.89% of the stock is owned by insiders.

Analysts Set New Price Targets

CRDO has been the topic of several research analyst reports. The Goldman Sachs Group boosted their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Stifel Nicolaus increased their target price on Credo Technology Group from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Bank of America increased their price objective on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research report on Thursday, September 5th. Needham & Company LLC upped their price objective on Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Finally, Craig Hallum lifted their target price on Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and an average price target of $34.00.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $31.45 on Friday. Credo Technology Group Holding Ltd has a fifty-two week low of $13.38 and a fifty-two week high of $36.80. The company has a market cap of $5.20 billion, a price-to-earnings ratio of -174.72 and a beta of 2.26. The business’s 50 day moving average price is $29.44 and its 200-day moving average price is $25.46.

Credo Technology Group Company Profile

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.