PharVision Advisers LLC Buys Shares of 3,182 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

PharVision Advisers LLC bought a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 4th quarter, Holdings Channel.com reports. The fund bought 3,182 shares of the company’s stock, valued at approximately $214,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CRDO. Kestra Investment Management LLC acquired a new position in shares of Credo Technology Group in the fourth quarter valued at approximately $38,000. WASHINGTON TRUST Co acquired a new stake in Credo Technology Group in the fourth quarter valued at $43,000. Principal Securities Inc. lifted its stake in Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after acquiring an additional 576 shares during the last quarter. Quarry LP acquired a new stake in Credo Technology Group in the fourth quarter valued at $58,000. Finally, Plato Investment Management Ltd acquired a new stake in Credo Technology Group in the fourth quarter valued at $61,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Buying and Selling

In related news, COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the transaction, the chief operating officer now directly owns 1,000,000 shares of the company’s stock, valued at approximately $61,130,000. This trade represents a 9.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $48.02, for a total transaction of $2,641,100.00. Following the transaction, the chief technology officer now directly owns 7,663,602 shares in the company, valued at approximately $368,006,168.04. This represents a 0.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 573,665 shares of company stock valued at $25,908,531. 16.04% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CRDO. Stifel Nicolaus cut their price target on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Bank of America cut their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Mizuho dropped their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a research report on Thursday, April 3rd. Barclays dropped their price objective on shares of Credo Technology Group from $90.00 to $70.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Finally, Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $71.50.

Credo Technology Group Price Performance

Shares of CRDO opened at $60.78 on Friday. Credo Technology Group Holding Ltd has a fifty-two week low of $18.98 and a fifty-two week high of $86.69. The firm has a market capitalization of $10.32 billion, a PE ratio of -405.20 and a beta of 2.29. The company’s 50-day moving average is $45.47 and its 200-day moving average is $56.66.

Credo Technology Group Company 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.