Canada Pension Plan Investment Board Increases Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Canada Pension Plan Investment Board lifted its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 318.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 558,495 shares of the company's stock after purchasing an additional 424,995 shares during the quarter. Canada Pension Plan Investment Board owned 0.33% of Credo Technology Group worth $37,536,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Credo Technology Group during the 4th quarter valued at about $117,242,000. Alliancebernstein L.P. raised its stake in Credo Technology Group by 299.9% during the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock valued at $117,011,000 after buying an additional 1,305,594 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Credo Technology Group by 7.4% during the 3rd 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 period. Elemental Capital Partners LLC purchased a new position in shares of Credo Technology Group in the 4th quarter worth $43,171,000. Finally, Invesco Ltd. increased its position in Credo Technology Group by 589.7% during the fourth quarter. Invesco Ltd. now owns 535,684 shares of the company's stock valued at $36,003,000 after acquiring an additional 458,015 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $61.13, for a total value of $6,113,000.00. Following the transaction, the chief operating officer now owns 1,000,000 shares in the company, valued at $61,130,000. The trade was a 9.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $66.96, for a total value of $125,550.00. Following the sale, the director now owns 5,902,402 shares of the company's stock, valued at approximately $395,224,837.92. This represents a 0.03 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 563,665 shares of company stock valued at $27,972,613. Company insiders own 16.04% of the company's stock.

Credo Technology Group Stock Up 9.0 %

NASDAQ:CRDO traded up $3.33 during midday trading on Wednesday, hitting $40.35. The stock had a trading volume of 2,129,604 shares, compared to its average volume of 3,519,581. Credo Technology Group Holding Ltd has a one year low of $16.91 and a one year high of $86.69. The stock has a 50-day moving average of $47.18 and a 200 day moving average of $54.72. The company has a market capitalization of $6.85 billion, a price-to-earnings ratio of -269.00 and a beta of 2.30.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. The Goldman Sachs Group boosted their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research report on Friday, January 10th. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Mizuho reduced their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a report on Thursday, April 3rd. Bank of America reduced their target price on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. Finally, Stifel Nicolaus decreased their price objective 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 analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of "Buy" and an average price target of $71.50.

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.