Stifel Financial Corp Buys 103,785 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Stifel Financial Corp increased its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 436.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 127,573 shares of the company’s stock after purchasing an additional 103,785 shares during the period. Stifel Financial Corp’s holdings in Credo Technology Group were worth $3,929,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CRDO. Allworth Financial LP lifted its stake in shares of Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after buying an additional 771 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new position in Credo Technology Group in the 2nd quarter worth approximately $29,000. Rakuten Securities Inc. bought a new position in Credo Technology Group in the 3rd quarter valued at approximately $30,000. Fifth Third Bancorp boosted its stake in Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares during the last quarter. Finally, Brown Brothers Harriman & Co. increased its holdings in shares of Credo Technology Group by 695.1% in the 3rd 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 in the last quarter. Institutional investors own 80.46% of the company’s stock.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $29.67, for a total value of $1,631,850.00. Following the completion of the sale, the chief technology officer now directly owns 9,003,602 shares of the company’s stock, valued at $267,136,871.34. This represents a 0.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lip Bu Tan sold 3,799 shares of Credo Technology Group stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $70.73, for a total transaction of $268,703.27. Following the transaction, the director now owns 1,709,926 shares in the company, valued at approximately $120,943,065.98. This trade represents a 0.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,276,120 shares of company stock worth $49,535,455 over the last quarter. 16.04% of the stock is currently owned by corporate insiders.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $77.25 on Tuesday. The firm has a market capitalization of $12.92 billion, a price-to-earnings ratio of -515.00 and a beta of 2.26. The business has a fifty day moving average price of $46.69 and a 200-day moving average price of $35.57. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $78.97.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Needham & Company LLC upped their price target on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. TD Cowen upped their target price 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. Craig Hallum lifted their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Stifel Nicolaus reissued a “buy” rating and set a $75.00 price target (up from $50.00) on shares of Credo Technology Group in a report on Tuesday, December 3rd. Finally, Mizuho lifted their price objective on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $67.33.

Credo Technology Group Profile

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.