Raiffeisen Bank International AG Buys New Stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Raiffeisen Bank International AG bought a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 160,000 shares of the company’s stock, valued at approximately $11,136,000. Raiffeisen Bank International AG owned about 0.10% of Credo Technology Group at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of CRDO. Franklin Resources Inc. increased its holdings in Credo Technology Group by 17.9% in the third quarter. Franklin Resources Inc. now owns 73,037 shares of the company’s stock valued at $2,250,000 after buying an additional 11,065 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after buying an additional 909,578 shares during the last quarter. SeaCrest Wealth Management LLC increased its holdings in Credo Technology Group by 63.0% in the fourth quarter. SeaCrest Wealth Management LLC now owns 19,985 shares of the company’s stock valued at $1,343,000 after buying an additional 7,724 shares during the last quarter. Sara Bay Financial purchased a new position in Credo Technology Group in the fourth quarter valued at $320,000. Finally, HB Wealth Management LLC acquired a new position in Credo Technology Group in the fourth quarter valued at $262,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

CRDO has been the subject of several research analyst reports. Stifel Nicolaus decreased their price objective on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Mizuho decreased 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. Bank of America decreased their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. 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 research note on Tuesday, April 22nd. Finally, Needham & Company LLC restated a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $71.50.

Insider Transactions at Credo Technology Group

In other news, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the completion of the sale, the chief operating officer now owns 1,000,000 shares in the company, valued at approximately $61,130,000. This represents a 9.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $46.01, for a total transaction of $86,268.75. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 573,665 shares of company stock worth $25,908,531. Company insiders own 16.04% of the company’s stock.

Credo Technology Group Stock Performance

Shares of CRDO opened at $59.58 on Friday. Credo Technology Group Holding Ltd has a fifty-two week low of $18.54 and a fifty-two week high of $86.69. The company has a market capitalization of $10.12 billion, a price-to-earnings ratio of -397.20 and a beta of 2.29. The firm has a 50-day simple moving average of $44.00 and a 200-day simple moving average of $55.93.

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.