Entropy Technologies LP Makes New $1.79 Million Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Entropy Technologies LP acquired a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 4th quarter, HoldingsChannel.com reports. The firm acquired 26,583 shares of the company’s stock, valued at approximately $1,787,000.

Other hedge funds have also recently modified their holdings of the company. CWM LLC increased its holdings in shares of Credo Technology Group by 105.7% in the third quarter. CWM LLC now owns 2,787 shares of the company’s stock worth $86,000 after purchasing an additional 1,432 shares during the last quarter. Carnegie Investment Counsel increased its stake in Credo Technology Group by 7.3% in the 3rd quarter. Carnegie Investment Counsel now owns 312,000 shares of the company’s stock worth $9,610,000 after acquiring an additional 21,350 shares during the last quarter. Wesbanco Bank Inc. purchased a new stake in shares of Credo Technology Group during the 3rd quarter worth approximately $478,000. Creative Planning purchased a new stake in shares of Credo Technology Group during the 3rd quarter worth approximately $359,000. Finally, Swedbank AB boosted its position in shares of Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after acquiring an additional 2,961,454 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insiders Place Their Bets

In other Credo Technology Group news, Director Lip Bu Tan sold 3,799 shares of the business’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.73, for a total value of $268,703.27. Following the completion of the sale, the director now directly owns 1,709,926 shares of the company’s stock, valued at $120,943,065.98. The trade was a 0.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Pantas Sutardja sold 1,875 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $66.96, for a total transaction of $125,550.00. Following the transaction, the director now directly owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. This trade represents a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,305,679 shares of company stock worth $89,862,242 over the last quarter. Company insiders own 16.04% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CRDO. Needham & Company LLC boosted their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Barclays boosted their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Craig Hallum boosted their price objective on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Finally, Stifel Nicolaus raised their price objective on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Credo Technology Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.40.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $77.28 on Monday. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The company has a market cap of $12.92 billion, a price-to-earnings ratio of -515.20 and a beta of 2.09. The business’s 50 day moving average price is $71.46 and its 200-day moving average price is $47.66.

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.