Ameriprise Financial Inc. Increases Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Ameriprise Financial Inc. grew its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 49.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,643,560 shares of the company's stock after buying an additional 543,940 shares during the quarter. Ameriprise Financial Inc. owned 0.98% of Credo Technology Group worth $110,482,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Franklin Resources Inc. boosted its position in Credo Technology Group by 17.9% in the 3rd quarter. Franklin Resources Inc. now owns 73,037 shares of the company's stock worth $2,250,000 after purchasing an additional 11,065 shares in the last quarter. Principal Financial Group Inc. grew its position in Credo Technology Group by 22.7% during the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company's stock valued at $61,415,000 after buying an additional 368,518 shares during the period. 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 in the last quarter. GAMMA Investing LLC boosted its stake in shares of Credo Technology Group by 56.3% during the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company's stock worth $65,000 after acquiring an additional 351 shares in the last quarter. Finally, Everence Capital Management Inc. acquired a new stake in shares of Credo Technology Group during the 4th quarter valued at about $252,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

Insiders Place Their Bets

In related news, COO Yat Tung Lam sold 100,000 shares of the firm's 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 directly owns 1,000,000 shares in the company, valued at approximately $61,130,000. This trade represents 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 accessible through this link. Also, Director Pantas Sutardja sold 1,875 shares of the business's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $46.01, for a total transaction of $86,268.75. Following the completion of the transaction, the director now owns 5,900,527 shares in the company, valued at $271,483,247.27. The trade was a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 573,665 shares of company stock valued at $25,908,531 in the last three months. 16.04% of the stock is currently owned by insiders.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO traded down $0.59 during midday trading on Friday, hitting $50.80. The company had a trading volume of 2,837,253 shares, compared to its average volume of 3,624,864. Credo Technology Group Holding Ltd has a twelve month low of $17.29 and a twelve month high of $86.69. The stock has a market cap of $8.63 billion, a price-to-earnings ratio of -338.67 and a beta of 2.29. The business's 50-day simple moving average is $42.77 and its 200-day simple moving average is $55.52.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CRDO. Stifel Nicolaus reduced their price target on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Barclays reduced 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 report on Tuesday, April 22nd. Needham & Company LLC reiterated a "buy" rating and issued a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th. Finally, Mizuho reduced their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $71.50.

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.