Bedell Frazier Investment Counselling LLC Invests $376,000 in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Bedell Frazier Investment Counselling LLC purchased a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 5,587 shares of the company’s stock, valued at approximately $376,000.

A number of other hedge funds also recently modified their holdings of the business. Axiom Investors LLC DE bought a new stake in shares of Credo Technology Group in the 4th quarter valued at approximately $16,655,000. O Shaughnessy Asset Management LLC acquired a new stake in Credo Technology Group in the 4th quarter worth $446,000. CIBC Private Wealth Group LLC increased its stake in Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock valued at $75,000 after acquiring an additional 348 shares during the period. Norges Bank acquired a new position in shares of Credo Technology Group in the fourth quarter valued at $117,242,000. Finally, WINTON GROUP Ltd acquired a new position in shares of Credo Technology Group in the 4th quarter valued at $315,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insider Activity at Credo Technology Group

In other news, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $45.23, for a total value of $452,300.00. Following the completion of the transaction, the chief operating officer now directly owns 2,802,447 shares in the company, valued at approximately $126,754,677.81. This trade represents a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 60,000 shares of the business’s stock in a transaction dated 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 transaction, the chief technology officer now owns 8,448,602 shares of the company’s stock, valued at approximately $584,812,230.44. The trade was 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 sold 1,030,665 shares of company stock valued at $69,289,092. 16.04% of the stock is owned by insiders.

Credo Technology Group Trading Down 4.5 %

Shares of CRDO stock opened at $40.51 on Monday. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $86.69. The firm has a market capitalization of $6.88 billion, a PE ratio of -270.07 and a beta of 2.16. The firm has a fifty day simple moving average of $60.57 and a two-hundred day simple moving average of $53.92.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Needham & Company LLC restated a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. The Goldman Sachs Group raised their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Mizuho upped their price target on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Stifel Nicolaus raised their price objective on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Finally, Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $74.90.

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.