Jacobs Levy Equity Management Inc. Grows Stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Jacobs Levy Equity Management Inc. lifted its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 27.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 39,505 shares of the company's stock after acquiring an additional 8,494 shares during the period. Jacobs Levy Equity Management Inc.'s holdings in Credo Technology Group were worth $2,655,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $38,000. WASHINGTON TRUST Co bought a new position in Credo Technology Group during the 4th quarter valued at approximately $43,000. Principal Securities Inc. raised its stake in Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company's stock valued at $45,000 after buying an additional 576 shares during the last quarter. Quarry LP bought a new stake in Credo Technology Group in the fourth quarter worth $58,000. Finally, Plato Investment Management Ltd purchased a new stake in shares of Credo Technology Group in the fourth quarter worth $61,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CRDO. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Stifel Nicolaus lowered their price objective on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Mizuho reduced their target price on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a report on Thursday, April 3rd. Barclays reduced their price objective on Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Finally, Bank of America decreased their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $71.50.

Credo Technology Group Trading Up 3.0%

NASDAQ CRDO traded up $1.83 during trading hours on Monday, hitting $61.96. 3,574,250 shares of the company's stock traded hands, compared to its average volume of 3,690,320. Credo Technology Group Holding Ltd has a 52 week low of $18.54 and a 52 week high of $86.69. The firm has a market capitalization of $10.52 billion, a P/E ratio of -413.07 and a beta of 2.29. The business's fifty day moving average price is $44.34 and its two-hundred day moving average price is $56.30.

Insider Transactions at Credo Technology Group

In related news, COO Yat Tung Lam sold 100,000 shares of the firm's stock in a transaction on 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 directly owns 1,000,000 shares of the company's stock, valued at approximately $61,130,000. This trade represents a 9.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Pantas Sutardja sold 1,875 shares of the firm's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $46.01, for a total value of $86,268.75. Following the completion of the transaction, the director now directly owns 5,900,527 shares in the company, valued at $271,483,247.27. This trade represents a 0.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 573,665 shares of company stock worth $25,908,531 in the last 90 days. 16.04% of the stock is currently owned by 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.