Proficio Capital Partners LLC Makes New $700,000 Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Proficio Capital Partners LLC acquired a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 4th quarter, Holdings Channel reports. The fund acquired 10,418 shares of the company’s stock, valued at approximately $700,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Kestra Investment Management LLC bought a new stake in Credo Technology Group in the fourth quarter worth about $38,000. WASHINGTON TRUST Co acquired a new position in shares of Credo Technology Group in the 4th quarter worth approximately $43,000. Principal Securities Inc. raised its holdings in shares of Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after purchasing an additional 576 shares in the last quarter. Plato Investment Management Ltd acquired a new stake in Credo Technology Group during the fourth quarter valued at approximately $61,000. Finally, GAMMA Investing LLC boosted its holdings in Credo Technology Group by 56.3% during the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after buying an additional 351 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CRDO has been the subject of several analyst reports. Mizuho upped their target price on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Barclays upped their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. TD Cowen lifted their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Craig Hallum raised their price objective 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. Finally, Bank of America cut their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $74.90.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $46.34 on Friday. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $86.69. The business’s 50-day moving average price is $63.41 and its two-hundred day moving average price is $53.06. The company has a market capitalization of $7.87 billion, a P/E ratio of -308.93 and a beta of 2.16.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $47.29, for a total transaction of $2,600,950.00. Following the completion of the sale, the chief technology officer now owns 8,103,602 shares in the company, valued at approximately $383,219,338.58. This represents a 0.67 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $58.66, for a total value of $5,866,000.00. Following the completion of the transaction, the chief operating officer now directly owns 2,825,621 shares in the company, valued at $165,750,927.86. The trade was a 3.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,065,665 shares of company stock valued at $73,051,442 over the last ninety days. Corporate insiders own 16.04% of the company’s stock.

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.