Raymond James Financial Inc. Purchases New Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Raymond James Financial Inc. acquired a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 405,253 shares of the company’s stock, valued at approximately $27,236,000. Raymond James Financial Inc. owned 0.24% of Credo Technology Group at the end of the most recent quarter.

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

Credo Technology Group Stock Down 3.2 %

NASDAQ:CRDO opened at $36.52 on Friday. The company has a market capitalization of $6.20 billion, a P/E ratio of -243.47 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. The stock’s fifty day moving average is $49.32 and its two-hundred day moving average is $54.45.

Analyst Ratings Changes

Several analysts recently commented on the company. Barclays boosted their price target on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Bank of America lowered their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Stifel Nicolaus decreased their target price on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating on the stock in a research note on Thursday. Needham & Company LLC restated a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Finally, Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $73.50.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $80.59, for a total value of $805,900.00. Following the sale, the chief operating officer now owns 2,825,621 shares of the company’s stock, valued at $227,716,796.39. The trade was a 0.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Pantas Sutardja sold 1,875 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $66.96, for a total value of $125,550.00. Following the transaction, the director now owns 5,902,402 shares in the company, valued at $395,224,837.92. This trade represents a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 578,665 shares of company stock worth $31,561,763. Company insiders own 16.04% of the company’s stock.

About Credo Technology Group

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.