Credo Technology Group Holding Ltd (NASDAQ:CRDO) Holdings Boosted by Jacobs Levy Equity Management Inc.

Jacobs Levy Equity Management Inc. grew its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 23.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,011 shares of the company’s stock after purchasing an additional 5,976 shares during the period. Jacobs Levy Equity Management Inc.’s holdings in Credo Technology Group were worth $955,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Janus Henderson Group PLC lifted its stake in Credo Technology Group by 18.9% in the 3rd quarter. Janus Henderson Group PLC now owns 66,045 shares of the company’s stock worth $2,034,000 after acquiring an additional 10,496 shares in the last quarter. Centiva Capital LP acquired a new position in shares of Credo Technology Group in the 3rd quarter valued at about $553,000. Concentric Capital Strategies LP purchased a new stake in shares of Credo Technology Group in the third quarter worth approximately $1,410,000. Paloma Partners Management Co acquired a new stake in shares of Credo Technology Group during the third quarter worth approximately $1,595,000. Finally, Point72 Hong Kong Ltd purchased a new position in Credo Technology Group during the third quarter valued at approximately $3,948,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Buying and Selling

In related news, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the completion of the sale, the director now owns 2,638,725 shares in the company, valued at $80,481,112.50. This represents a 5.38 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $28.22, for a total value of $1,552,100.00. Following the completion of the transaction, the chief technology officer now directly owns 9,058,602 shares in the company, valued at approximately $255,633,748.44. This represents a 0.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,193,441 shares of company stock valued at $41,362,270. Company insiders own 16.04% of the company’s stock.

Credo Technology Group Stock Up 5.4 %

Shares of Credo Technology Group stock opened at $74.23 on Monday. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $75.32. The stock has a 50 day moving average price of $42.84 and a two-hundred day moving average price of $33.83. The stock has a market capitalization of $12.41 billion, a P/E ratio of -494.87 and a beta of 2.26.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Stifel Nicolaus reiterated a “buy” rating and issued a $75.00 target price (up previously from $50.00) on shares of Credo Technology Group in a research report on Tuesday, December 3rd. Barclays lifted their price objective on Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and upped their target price for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Roth Mkm lifted their price target on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Finally, TD Cowen increased their price objective on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $67.33.

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.