Mindset Wealth Management LLC Purchases Shares of 3,352 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Mindset Wealth Management LLC 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 3,352 shares of the company’s stock, valued at approximately $225,000.

Other hedge funds have also modified their holdings of the company. Brown Brothers Harriman & Co. increased its position in Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after purchasing an additional 1,001 shares during the last quarter. Kestra Investment Management LLC bought a new position in shares of Credo Technology Group in the 4th quarter valued at about $38,000. WASHINGTON TRUST Co purchased a new position in Credo Technology Group in the fourth quarter worth about $43,000. Principal Securities Inc. raised its position in Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after purchasing an additional 576 shares during the period. Finally, Larson Financial Group LLC increased its position in shares of Credo Technology Group by 240.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after purchasing an additional 1,399 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CRDO shares. Barclays raised 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. Bank of America dropped their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Craig Hallum increased their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Mizuho boosted their price objective on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Finally, TD Cowen increased their target price on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Credo Technology Group has a consensus rating of “Buy” and a consensus price target of $74.90.

Insiders Place Their Bets

In related news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $47.29, for a total transaction of $2,600,950.00. Following the transaction, the chief technology officer now directly owns 8,103,602 shares of the company’s stock, valued at $383,219,338.58. This trade represents a 0.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $69.52, for a total value of $6,952,000.00. Following the sale, the chief operating officer now owns 300,000 shares of the company’s stock, valued at approximately $20,856,000. This represents a 25.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,065,665 shares of company stock worth $73,051,442 in the last three months. Corporate insiders own 16.04% of the company’s stock.

Credo Technology Group Trading Down 0.6 %

CRDO opened at $46.49 on Friday. The business’s fifty day simple moving average is $63.96 and its 200-day simple moving average is $52.83. The company has a market capitalization of $7.89 billion, a price-to-earnings ratio of -309.93 and a beta of 2.16. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69.

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.