Plato Investment Management Ltd Invests $61,000 in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Plato Investment Management Ltd bought a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 906 shares of the company’s stock, valued at approximately $61,000.

Several other institutional investors and hedge funds have also made changes to their positions in CRDO. Creative Planning purchased a new stake in shares of Credo Technology Group in the 3rd quarter valued at about $359,000. US Bancorp DE lifted its holdings in shares of Credo Technology Group by 4.2% in the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company’s stock valued at $499,000 after purchasing an additional 649 shares during the last quarter. Hanseatic Management Services Inc. purchased a new stake in shares of Credo Technology Group in the 3rd quarter valued at about $578,000. Principal Financial Group Inc. lifted its holdings in shares of Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after purchasing an additional 368,518 shares during the last quarter. Finally, Assetmark Inc. lifted its holdings in shares of Credo Technology Group by 5.4% in the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after purchasing an additional 257 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on CRDO shares. 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. TD Cowen upped their price objective on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Bank of America reduced their price objective on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday. Craig Hallum upped their price objective on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Finally, Barclays upped their price objective on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $74.90.

Credo Technology Group Trading Down 14.0 %

Shares of CRDO stock opened at $46.73 on Thursday. The company has a market cap of $7.82 billion, a price-to-earnings ratio of -311.53 and a beta of 2.09. The stock has a 50 day simple moving average of $69.80 and a 200-day simple moving average of $52.16. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69.

Insider Transactions at Credo Technology Group

In related news, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $68.03, for a total value of $6,803,000.00. Following the sale, the chief operating officer now owns 400,000 shares in the company, valued at $27,212,000. This represents a 20.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $57.87, for a total value of $3,182,850.00. Following the completion of the sale, the chief technology officer now owns 8,213,602 shares in the company, valued at approximately $475,321,147.74. This represents a 0.67 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,190,496 shares of company stock valued at $82,695,512. Corporate insiders own 16.04% of the company’s stock.

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.