Everence Capital Management Inc. Makes New Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Everence Capital Management Inc. acquired a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 3,750 shares of the company’s stock, valued at approximately $252,000.

A number of other hedge funds also recently made changes to their positions in CRDO. Allworth Financial LP raised its position in Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares in the last quarter. Rakuten Securities Inc. purchased a new position in shares of Credo Technology Group during the 3rd quarter valued at about $30,000. Brown Brothers Harriman & Co. lifted its position in 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 buying an additional 1,001 shares during the last quarter. Cranbrook Wealth Management LLC purchased a new stake in Credo Technology Group in the second quarter worth approximately $51,000. Finally, Larson Financial Group LLC grew its position in Credo Technology Group by 240.0% during the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after acquiring an additional 1,399 shares during the last quarter. 80.46% of the stock is owned by institutional investors.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the sale, the chief executive officer now directly owns 2,370,858 shares of the company’s stock, valued at approximately $160,388,543.70. The trade was a 5.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 60,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $69.22, for a total value of $4,153,200.00. Following the completion of the transaction, the chief technology officer now directly owns 8,448,602 shares of the company’s stock, valued at $584,812,230.44. This represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 845,295 shares of company stock valued at $48,302,873. 16.04% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CRDO has been the subject of a number of recent research reports. TD Cowen boosted their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Mizuho upped their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Needham & Company LLC boosted their target price on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group increased their target price on Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Finally, Susquehanna initiated coverage on Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $69.10.

Credo Technology Group Stock Performance

CRDO opened at $75.28 on Wednesday. The stock has a market capitalization of $12.59 billion, a PE ratio of -501.87 and a beta of 2.11. The stock’s 50 day moving average price is $57.88 and its 200-day moving average price is $40.73. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $78.97.

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.