Thornburg Investment Management Inc. Lowers Stock Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Thornburg Investment Management Inc. trimmed its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 31.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 132,554 shares of the company's stock after selling 60,111 shares during the quarter. Thornburg Investment Management Inc. owned 0.08% of Credo Technology Group worth $8,909,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Franklin Resources Inc. increased its holdings in Credo Technology Group by 17.9% during the third quarter. Franklin Resources Inc. now owns 73,037 shares of the company's stock valued at $2,250,000 after buying an additional 11,065 shares during the period. JPMorgan Chase & Co. boosted 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 purchasing an additional 909,578 shares during the last quarter. Sara Bay Financial purchased a new stake in Credo Technology Group in the 4th quarter worth approximately $320,000. HB Wealth Management LLC purchased a new position in shares of Credo Technology Group during the 4th quarter valued at approximately $262,000. Finally, Oak Ridge Investments LLC acquired a new position in shares of Credo Technology Group in the 4th quarter valued at $3,399,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Mizuho cut their price objective on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research note on Thursday, April 3rd. Bank of America reduced their price objective on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Barclays lowered their target price on shares of Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Needham & Company LLC reissued a "buy" rating and issued a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Finally, Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $71.50.

Credo Technology Group Stock Performance

Shares of CRDO traded down $0.17 during midday trading on Friday, hitting $60.62. 837,196 shares of the stock were exchanged, compared to its average volume of 5,140,093. The stock has a fifty day simple moving average of $45.47 and a 200 day simple moving average of $56.66. Credo Technology Group Holding Ltd has a 52-week low of $19.13 and a 52-week high of $86.69. The firm has a market cap of $10.29 billion, a P/E ratio of -404.10 and a beta of 2.29.

Insider Activity

In related news, CFO Daniel W. Fleming sold 3,790 shares of the firm's stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $40.75, for a total transaction of $154,442.50. Following the transaction, the chief financial officer now owns 608,602 shares of the company's stock, valued at $24,800,531.50. This trade represents a 0.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $47.29, for a total value of $2,600,950.00. Following the transaction, the chief technology officer now directly owns 8,103,602 shares in the company, valued at $383,219,338.58. This represents a 0.67% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 573,665 shares of company stock worth $25,908,531. 16.04% of the stock is currently owned by company insiders.

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.