Cubist Systematic Strategies LLC Boosts Stock Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Cubist Systematic Strategies LLC increased its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 1.9% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 266,083 shares of the company’s stock after buying an additional 4,902 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Credo Technology Group were worth $8,499,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of CRDO. Arcadia Investment Management Corp MI purchased a new position in shares of Credo Technology Group in the second quarter worth $29,000. Fifth Third Bancorp boosted its holdings in Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after acquiring an additional 400 shares in the last quarter. Covestor Ltd increased its position in Credo Technology Group by 19,240.0% during the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after purchasing an additional 1,924 shares during the period. CWM LLC increased its position in 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. Finally, Cranbrook Wealth Management LLC bought a new stake in shares of Credo Technology Group during the 2nd quarter valued at about $51,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CRDO. The Goldman Sachs Group raised their target price 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. Stifel Nicolaus boosted their target price on shares of Credo Technology Group from $36.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Needham & Company LLC lifted their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Craig Hallum upped their price objective on shares of Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Finally, Roth Mkm raised their price objective on Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $34.00.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $31.23 on Friday. Credo Technology Group Holding Ltd has a 52-week low of $13.38 and a 52-week high of $36.80. The stock has a market capitalization of $5.16 billion, a price-to-earnings ratio of -173.50 and a beta of 2.26. The stock’s 50-day simple moving average is $29.44 and its two-hundred day simple moving average is $25.46.

Insider Buying and Selling

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

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.