JPMorgan Chase & Co. Decreases Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

JPMorgan Chase & Co. decreased its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 23.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,034,885 shares of the company’s stock after selling 3,107,888 shares during the period. JPMorgan Chase & Co. owned approximately 0.06% of Credo Technology Group worth $674,445,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CRDO. WINTON GROUP Ltd bought a new stake in Credo Technology Group in the fourth quarter worth $315,000. Dudley Capital Management LLC purchased a new stake in shares of Credo Technology Group during the fourth quarter valued at approximately $306,000. Zevenbergen Capital Investments LLC grew its holdings in Credo Technology Group by 30.9% in the 4th quarter. Zevenbergen Capital Investments LLC now owns 93,350 shares of the company’s stock worth $6,274,000 after acquiring an additional 22,025 shares during the last quarter. Prudential Financial Inc. increased its holdings in Credo Technology Group by 6.0% during the 4th quarter. Prudential Financial Inc. now owns 9,843 shares of the company’s stock valued at $662,000 after purchasing an additional 560 shares during the period. Finally, Corebridge Financial Inc. raised its holdings in shares of Credo Technology Group by 1.2% during the fourth quarter. Corebridge Financial Inc. now owns 69,651 shares of the company’s stock valued at $4,681,000 after acquiring an additional 801 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Down 4.5 %

NASDAQ:CRDO opened at $40.51 on Friday. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69. The company has a market capitalization of $6.88 billion, a P/E ratio of -270.07 and a beta of 2.16. The stock’s fifty day moving average is $60.57 and its two-hundred day moving average is $53.53.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CRDO shares. Craig Hallum raised their price objective on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Needham & Company LLC reissued a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Barclays increased their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Finally, Mizuho lifted their price objective 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, January 10th. Nine research 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.com, Credo Technology Group presently has an average rating of “Buy” and an average target price of $74.90.

Insider Buying and Selling

In related news, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $45.23, for a total value of $452,300.00. Following the completion of the sale, the chief operating officer now owns 2,802,447 shares in the company, valued at $126,754,677.81. This represents a 0.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction on Monday, January 6th. The shares were sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the completion of the transaction, the director now owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. This trade represents a 11.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,130,665 shares of company stock worth $76,241,092. Company insiders own 16.04% of the company’s stock.

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.