Vanguard Group Inc. Raises Stock Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Vanguard Group Inc. raised its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 0.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,357,611 shares of the company’s stock after purchasing an additional 2,248 shares during the quarter. Vanguard Group Inc. owned about 0.10% of Credo Technology Group worth $1,099,395,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. lifted 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 acquiring an additional 909,578 shares during the last quarter. Point72 Asset Management L.P. raised its position in Credo Technology Group by 73.6% in the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after purchasing an additional 1,660,230 shares during the period. Geode Capital Management LLC lifted its stake in shares of Credo Technology Group by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after purchasing an additional 170,412 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Credo Technology Group by 22.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after purchasing an additional 368,518 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Trading Down 4.5 %

Credo Technology Group stock opened at $40.51 on Friday. The firm has a market capitalization of $6.88 billion, a P/E ratio of -270.07 and a beta of 2.16. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69. The stock’s fifty day simple moving average is $60.57 and its 200-day simple moving average is $53.53.

Analysts Set New Price Targets

A number of research firms have commented on CRDO. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th. Craig Hallum upped their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Stifel Nicolaus lifted their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. The Goldman Sachs Group boosted their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Finally, TD Cowen raised their price target on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Credo Technology Group presently has an average rating of “Buy” and an average price target of $74.90.

Insider Buying and Selling

In other news, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $80.59, for a total value of $805,900.00. Following the completion of the transaction, the chief operating officer now owns 2,825,621 shares in the company, valued at approximately $227,716,796.39. This trade represents a 0.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $47.29, for a total transaction of $2,600,950.00. Following the sale, the chief technology officer now owns 8,103,602 shares in the company, valued at $383,219,338.58. The trade was a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,130,665 shares of company stock valued at $76,241,092 in the last three months. 16.04% of the stock is owned by corporate insiders.

Credo Technology Group Company 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.