Harbour Capital Advisors LLC Buys 2,300 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Harbour Capital Advisors LLC lifted its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 10.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,175 shares of the company’s stock after purchasing an additional 2,300 shares during the period. Harbour Capital Advisors LLC’s holdings in Credo Technology Group were worth $1,822,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Allworth Financial LP raised its position in Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after acquiring an additional 771 shares in the last quarter. Rakuten Securities Inc. bought a new position in Credo Technology Group during the third quarter worth about $30,000. Brown Brothers Harriman & Co. increased its position in Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after buying an additional 1,001 shares during the last quarter. Cranbrook Wealth Management LLC bought a new stake in Credo Technology Group in the second quarter valued at approximately $51,000. Finally, Larson Financial Group LLC lifted its position in shares of Credo Technology Group by 240.0% in the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after buying an additional 1,399 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Stock Down 6.9 %

Shares of NASDAQ:CRDO traded down $5.12 during midday trading on Monday, hitting $68.68. The stock had a trading volume of 2,947,981 shares, compared to its average volume of 3,921,319. The company has a market capitalization of $11.49 billion, a P/E ratio of -457.87 and a beta of 2.11. The company’s 50-day moving average price is $59.91 and its 200-day moving average price is $41.67. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $78.97.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Needham & Company LLC boosted their price objective on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. 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 report on Tuesday, December 3rd. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price objective for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Mizuho boosted their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Roth Mkm raised their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $75.40.

Insiders Place Their Bets

In related news, CTO Chi Fung Cheng sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $72.09, for a total transaction of $4,325,400.00. Following the completion of the transaction, the chief technology officer now directly owns 8,388,602 shares in the company, valued at $604,734,318.18. This represents a 0.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the completion of the sale, the chief executive officer now owns 2,370,858 shares in the company, valued at $160,388,543.70. This represents a 5.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 875,014 shares of company stock worth $57,132,400 over the last three months. Insiders own 16.04% of the company’s stock.

Credo Technology Group 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.