Federated Hermes Inc. Invests $17.90 Million in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Federated Hermes Inc. acquired a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 266,325 shares of the company’s stock, valued at approximately $17,900,000. Federated Hermes Inc. owned approximately 0.16% of Credo Technology Group at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CRDO. Kestra Investment Management LLC bought a new position in shares of Credo Technology Group during the 4th quarter worth approximately $38,000. WASHINGTON TRUST Co bought a new stake in Credo Technology Group during the fourth quarter worth $43,000. Principal Securities Inc. increased its position in shares of Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after purchasing an additional 576 shares during the last quarter. Plato Investment Management Ltd bought a new position in shares of Credo Technology Group during the 4th quarter worth $61,000. Finally, GAMMA Investing LLC boosted its stake in Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after purchasing an additional 351 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $43.27 on Thursday. The company’s fifty day moving average is $53.96 and its two-hundred day moving average is $54.30. The firm has a market capitalization of $7.35 billion, a price-to-earnings ratio of -288.47 and a beta of 2.30. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Friday, April 4th. The shares were sold at an average price of $32.96, for a total value of $1,812,800.00. Following the transaction, the chief technology officer now directly owns 7,938,602 shares in the company, valued at $261,656,321.92. The trade was a 0.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $72.69, for a total transaction of $10,903,500.00. Following the sale, the director now owns 963,725 shares in the company, valued at $70,053,170.25. The trade was a 13.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 825,665 shares of company stock valued at $51,640,592. Insiders own 16.04% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Stifel Nicolaus upped their price target on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Mizuho dropped their price target on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research note on Thursday, April 3rd. Barclays increased their price target on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Finally, The Goldman Sachs Group raised their price objective on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $74.60.

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.