Ratan Capital Management LP Acquires Shares of 100,000 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Ratan Capital Management LP bought a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 100,000 shares of the company’s stock, valued at approximately $6,721,000. Credo Technology Group makes up about 1.0% of Ratan Capital Management LP’s portfolio, making the stock its 21st largest holding. Ratan Capital Management LP owned about 0.06% of Credo Technology Group as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Nisa Investment Advisors LLC lifted its position in Credo Technology Group by 8.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $225,000 after buying an additional 255 shares in the last quarter. CIBC Private Wealth Group LLC grew its stake in Credo Technology Group by 51.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock valued at $75,000 after purchasing an additional 348 shares in the last quarter. Amalgamated Bank increased its position in Credo Technology Group by 9.4% in the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock worth $321,000 after purchasing an additional 411 shares during the last quarter. Arizona State Retirement System increased its position in Credo Technology Group by 1.2% in the 4th quarter. Arizona State Retirement System now owns 40,931 shares of the company’s stock worth $2,751,000 after purchasing an additional 501 shares during the last quarter. Finally, Prudential Financial Inc. raised its stake in shares of Credo Technology Group by 6.0% during the 4th quarter. Prudential Financial Inc. now owns 9,843 shares of the company’s stock worth $662,000 after purchasing an additional 560 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $59.79 on Thursday. Credo Technology Group Holding Ltd has a 52 week low of $17.73 and a 52 week high of $86.69. The firm has a market capitalization of $10.15 billion, a PE ratio of -398.60 and a beta of 2.29. The business’s 50-day simple moving average is $43.60 and its 200-day simple moving average is $55.80.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Bank of America dropped their price target on shares of 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. Mizuho reduced their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research note on Thursday, April 3rd. Barclays decreased their price objective on shares of Credo Technology Group from $90.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Finally, Stifel Nicolaus cut their target price on Credo Technology Group from $85.00 to $69.00 and set a “buy” rating on the stock in a report on Thursday, April 17th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $71.50.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $46.01, for a total value of $86,268.75. Following the completion of the sale, the director now directly owns 5,900,527 shares of the company’s stock, valued at $271,483,247.27. This represents a 0.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $48.02, for a total transaction of $2,641,100.00. Following the transaction, the chief technology officer now owns 7,663,602 shares in the company, valued at approximately $368,006,168.04. The trade was a 0.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 573,665 shares of company stock valued at $25,908,531 in the last 90 days. 16.04% of the stock is currently owned by insiders.

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.