Diversified Trust Co Increases Stock Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Diversified Trust Co raised its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 35.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 37,894 shares of the company’s stock after acquiring an additional 9,940 shares during the period. Diversified Trust Co’s holdings in Credo Technology Group were worth $2,547,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CRDO. Natixis Advisors LLC increased its holdings in Credo Technology Group by 19.2% in the 2nd quarter. Natixis Advisors LLC now owns 27,899 shares of the company’s stock valued at $891,000 after purchasing an additional 4,501 shares during the last quarter. Rhumbline Advisers boosted its position in shares of Credo Technology Group by 13.1% during the second quarter. Rhumbline Advisers now owns 181,973 shares of the company’s stock worth $5,812,000 after buying an additional 21,132 shares during the period. Arizona State Retirement System grew its stake in shares of Credo Technology Group by 9.7% in the second quarter. Arizona State Retirement System now owns 38,856 shares of the company’s stock valued at $1,241,000 after buying an additional 3,437 shares in the last quarter. Thornburg Investment Management Inc. lifted its stake in Credo Technology Group by 7.0% during the 2nd quarter. Thornburg Investment Management Inc. now owns 253,986 shares of the company’s stock worth $8,112,000 after acquiring an additional 16,659 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Credo Technology Group by 13.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company’s stock valued at $67,473,000 after acquiring an additional 242,428 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CRDO has been the topic of a number of recent research reports. Susquehanna started coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price target on the stock. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and increased their target price for the stock from $27.00 to $80.00 in a report on Tuesday, December 3rd. Craig Hallum boosted 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. Barclays increased their price objective on Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Finally, TD Cowen boosted their target price on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and an average target price of $69.10.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total transaction of $265,034.70. Following the transaction, the chief financial officer now owns 652,666 shares of the company’s stock, valued at approximately $45,640,933.38. This trade represents a 0.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 100,000 shares of the business’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $38.16, for a total value of $3,816,000.00. Following the completion of the sale, the director now directly owns 1,763,725 shares of the company’s stock, valued at $67,303,746. The trade was a 5.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 845,295 shares of company stock valued at $48,302,873. Corporate insiders own 16.04% of the company’s stock.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $75.28 on Wednesday. The stock’s fifty day moving average is $57.88 and its two-hundred day moving average is $40.73. The stock has a market cap of $12.59 billion, a PE ratio of -501.87 and a beta of 2.11. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $78.97.

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.