Legato Capital Management LLC Takes Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Legato Capital Management LLC acquired a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 23,002 shares of the company’s stock, valued at approximately $1,546,000.

A number of other institutional investors also recently bought and sold shares of CRDO. Allworth Financial LP raised its holdings in shares of Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after buying an additional 771 shares during the last quarter. Rakuten Securities Inc. acquired a new position in shares of Credo Technology Group in the 3rd quarter valued at $30,000. Brown Brothers Harriman & Co. raised its stake 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 acquiring an additional 1,001 shares during the last quarter. Larson Financial Group LLC raised its stake in Credo Technology Group by 240.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock worth $61,000 after acquiring an additional 1,399 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position 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 acquiring an additional 351 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 12,504 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $48.48, for a total value of $606,193.92. Following the completion of the sale, the chief financial officer now directly owns 656,456 shares in the company, valued at $31,824,986.88. The trade was a 1.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were 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 position. The disclosure for this sale can be found here. Insiders sold a total of 1,305,679 shares of company stock worth $89,862,242 in the last 90 days. Corporate insiders own 16.04% of the company’s stock.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $71.35 on Thursday. The firm has a 50-day simple moving average of $72.15 and a two-hundred day simple moving average of $48.48. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The company has a market cap of $11.93 billion, a P/E ratio of -475.67 and a beta of 2.09.

Analyst Upgrades and Downgrades

CRDO has been the subject of several research analyst reports. Roth Mkm raised their price objective on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Stifel Nicolaus increased their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Mizuho lifted their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Susquehanna initiated coverage on shares of Credo Technology Group in a report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 target price for the company. Finally, The Goldman Sachs Group raised their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $76.40.

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.