Lazard Asset Management LLC Has $4.53 Million Stock Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Lazard Asset Management LLC decreased its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 71.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 67,463 shares of the company's stock after selling 169,264 shares during the period. Lazard Asset Management LLC's holdings in Credo Technology Group were worth $4,532,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its stake in Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock worth $404,797,000 after purchasing an additional 909,578 shares during the period. Geode Capital Management LLC raised its stake 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 during the last quarter. Norges Bank bought a new position in shares of Credo Technology Group in the fourth quarter valued at approximately $117,242,000. Alliancebernstein L.P. raised its stake in shares of Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock valued at $117,011,000 after acquiring an additional 1,305,594 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of Credo Technology Group by 49.5% in the fourth quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company's stock valued at $110,482,000 after acquiring an additional 543,940 shares during the last quarter. Institutional investors own 80.46% of the company's stock.

Insiders Place Their Bets

In other news, COO Yat Tung Lam sold 100,000 shares of the business's stock in a transaction 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 transaction, the chief operating officer now owns 1,000,000 shares of the company's stock, valued at $61,130,000. The trade was a 9.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $48.02, for a total transaction of $2,641,100.00. Following the completion of the transaction, the chief technology officer now directly owns 7,663,602 shares of the company's stock, valued at $368,006,168.04. This trade represents a 0.71% 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. Company insiders own 16.04% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $80.00 target price on shares of Credo Technology Group in a research note on Wednesday, March 5th. Susquehanna upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Mizuho cut their target price 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. Stifel Nicolaus lowered their price target on shares of Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Finally, Bank of America lowered their price target 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 investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group presently has an average rating of "Buy" and an average target price of $71.50.

Credo Technology Group Stock Performance

CRDO traded up $0.78 during trading on Wednesday, reaching $62.89. 664,850 shares of the company's stock were exchanged, compared to its average volume of 3,685,722. The company's fifty day moving average price is $44.97 and its 200-day moving average price is $56.49. Credo Technology Group Holding Ltd has a fifty-two week low of $18.54 and a fifty-two week high of $86.69. The firm has a market capitalization of $10.68 billion, a PE ratio of -418.49 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.