Berkshire Capital Holdings Inc. Makes New $8.09 Million Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Berkshire Capital Holdings Inc. bought a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 4th quarter, Holdings Channel.com reports. The fund bought 120,410 shares of the company’s stock, valued at approximately $8,093,000. Credo Technology Group accounts for 2.9% of Berkshire Capital Holdings Inc.’s holdings, making the stock its 21st largest holding.

Other institutional investors and hedge funds have also modified their holdings of the company. Kestra Investment Management LLC acquired a new stake in shares of Credo Technology Group in the 4th quarter worth approximately $38,000. WASHINGTON TRUST Co acquired a new stake in shares of Credo Technology Group in the 4th quarter worth approximately $43,000. Principal Securities Inc. grew its holdings in shares of Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after acquiring an additional 576 shares during the period. Plato Investment Management Ltd acquired a new stake in shares of Credo Technology Group in the 4th quarter worth approximately $61,000. Finally, GAMMA Investing LLC grew its holdings in shares of Credo Technology Group by 56.3% in 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. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Stock Up 6.1 %

Shares of Credo Technology Group stock opened at $46.77 on Thursday. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The firm has a market cap of $7.94 billion, a PE ratio of -311.80 and a beta of 2.16. The business’s fifty day moving average is $64.49 and its two-hundred day moving average is $52.88.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. The Goldman Sachs Group upped their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. TD Cowen upped their target price 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. Mizuho upped their target price 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. Bank of America reduced their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 target price on shares of Credo Technology Group in a research note on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of “Buy” and an average price target of $74.90.

Insiders Place Their Bets

In related news, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $76.09, for a total value of $11,413,500.00. Following the transaction, the director now directly owns 1,113,725 shares of the company’s stock, valued at approximately $84,743,335.25. This trade represents a 11.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Pantas Sutardja sold 21,041 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $68.19, for a total value of $1,434,785.79. Following the completion of the transaction, the director now directly owns 5,904,277 shares in the company, valued at $402,612,648.63. This trade represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,241,706 shares of company stock valued at $85,031,428 in the last quarter. 16.04% of the stock is currently owned by company insiders.

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.