CloudAlpha Capital Management Limited Hong Kong Purchases Shares of 114,394 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

CloudAlpha Capital Management Limited Hong Kong acquired a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 114,394 shares of the company’s stock, valued at approximately $3,654,000. Credo Technology Group accounts for about 0.3% of CloudAlpha Capital Management Limited Hong Kong’s portfolio, making the stock its 15th largest holding.

A number of other hedge funds also recently bought and sold shares of CRDO. Vanguard Group Inc. lifted its holdings in Credo Technology Group by 7.7% during the first quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company’s stock valued at $319,202,000 after purchasing an additional 1,072,301 shares in the last quarter. Jennison Associates LLC grew its position in shares of Credo Technology Group by 1.9% in the first quarter. Jennison Associates LLC now owns 2,375,255 shares of the company’s stock valued at $50,332,000 after purchasing an additional 45,396 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Credo Technology Group by 13.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company’s stock worth $67,473,000 after buying an additional 242,428 shares in the last quarter. Wellington Management Group LLP purchased a new stake in Credo Technology Group in the 4th quarter valued at $35,224,000. Finally, AMF Tjanstepension AB increased its stake in shares of Credo Technology Group by 31.8% in the 1st quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock worth $36,302,000 after acquiring an additional 413,149 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $27.49, for a total transaction of $1,511,950.00. Following the sale, the chief technology officer now directly owns 9,498,602 shares of the company’s stock, valued at approximately $261,116,568.98. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Lip Bu Tan sold 112,441 shares of Credo Technology Group stock in a transaction on Monday, July 8th. The stock was sold at an average price of $31.99, for a total value of $3,596,987.59. Following the completion of the transaction, the director now directly owns 133,583 shares in the company, valued at $4,273,320.17. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $27.49, for a total value of $1,511,950.00. Following the transaction, the chief technology officer now directly owns 9,498,602 shares of the company’s stock, valued at $261,116,568.98. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,036,190 shares of company stock valued at $31,033,447. 23.89% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on CRDO shares. Barclays boosted their target price on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. Craig Hallum raised their target price on Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. Needham & Company LLC upped their price target on Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. TD Cowen raised Credo Technology Group to a “strong-buy” rating in a research report on Monday. Finally, Stifel Nicolaus boosted their price objective on shares of Credo Technology Group from $36.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $34.00.

Credo Technology Group Trading Down 1.9 %

CRDO opened at $27.24 on Wednesday. The stock’s 50-day moving average price is $29.71 and its 200 day moving average price is $25.13. Credo Technology Group Holding Ltd has a 12-month low of $13.38 and a 12-month high of $36.80. The firm has a market cap of $4.50 billion, a price-to-earnings ratio of -151.33 and a beta of 2.26.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.