Polymer Capital Management HK LTD Purchases New Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Polymer Capital Management HK LTD acquired a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 54,609 shares of the company’s stock, valued at approximately $3,670,000.

Several other hedge funds have also modified their holdings of CRDO. JPMorgan Chase & Co. increased its position in Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after purchasing an additional 909,578 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Credo Technology Group by 4.4% in the 4th quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company’s stock worth $222,884,000 after buying an additional 138,686 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Credo Technology Group by 32.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after buying an additional 705,512 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Credo Technology Group by 22.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after buying an additional 368,518 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Credo Technology Group in the 4th quarter valued at about $117,242,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Credo Technology Group

In related news, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $43.08, for a total value of $430,800.00. Following the transaction, the chief operating officer now owns 2,792,447 shares of the company’s stock, valued at $120,298,616.76. This represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Monday, March 24th. The shares were sold at an average price of $49.77, for a total value of $2,737,350.00. Following the sale, the chief technology officer now directly owns 8,048,602 shares of the company’s stock, valued at approximately $400,578,921.54. This trade represents a 0.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 980,665 shares of company stock valued at $65,566,692. 16.04% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Mizuho decreased their price objective on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a research report on Thursday. The Goldman Sachs Group increased their price target on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. Bank of America cut their price objective 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. Finally, Stifel Nicolaus raised their target price 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. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $74.60.

Credo Technology Group Price Performance

CRDO stock opened at $33.30 on Friday. The company has a market capitalization of $5.65 billion, a PE ratio of -222.00 and a beta of 2.30. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $86.69. The firm’s 50-day moving average is $56.25 and its 200 day moving average is $54.13.

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.