Two Sigma Advisers LP Buys 221,600 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Two Sigma Advisers LP raised its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 27.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,042,700 shares of the company's stock after buying an additional 221,600 shares during the period. Two Sigma Advisers LP owned about 0.62% of Credo Technology Group worth $70,080,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its holdings in shares of Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock worth $404,797,000 after buying an additional 909,578 shares during the period. Geode Capital Management LLC raised its holdings in shares of Credo Technology Group by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company's stock valued at $222,884,000 after acquiring an additional 138,686 shares in the last quarter. Norges Bank purchased a new stake in Credo Technology Group in the fourth quarter worth about $117,242,000. Alliancebernstein L.P. lifted its stake in Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock worth $117,011,000 after acquiring an additional 1,305,594 shares during the period. Finally, Ameriprise Financial Inc. grew its holdings in Credo Technology Group by 49.5% during the 4th quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company's stock worth $110,482,000 after acquiring an additional 543,940 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Bank of America decreased 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 reduced their target price on shares of Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Susquehanna upgraded 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 objective on shares of 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. Finally, Stifel Nicolaus decreased their target price on shares of Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $71.50.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction dated 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 completion of the transaction, the chief technology officer now directly owns 8,103,602 shares in the company, valued at $383,219,338.58. This trade represents a 0.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total value of $6,113,000.00. Following the completion of the sale, the chief operating officer now owns 1,000,000 shares in the company, valued at approximately $61,130,000. This represents a 9.09% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 573,665 shares of company stock valued at $25,908,531. 16.04% of the stock is owned by company insiders.

Credo Technology Group Price Performance

Shares of CRDO opened at $61.96 on Tuesday. The company's fifty day moving average price is $44.62 and its 200-day moving average price is $56.45. Credo Technology Group Holding Ltd has a 1-year low of $18.54 and a 1-year high of $86.69. The firm has a market capitalization of $10.52 billion, a PE ratio of -413.07 and a beta of 2.29.

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.

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