LMR Partners LLP Buys Shares of 35,935 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

LMR Partners LLP bought a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 35,935 shares of the company's stock, valued at approximately $2,415,000.

A number of other institutional investors and hedge funds also recently modified their holdings of CRDO. Norges Bank acquired a new stake in Credo Technology Group during the 4th quarter valued at $117,242,000. Alliancebernstein L.P. lifted 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 buying an additional 1,305,594 shares during the period. 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. Price T Rowe Associates Inc. MD lifted its stake in Credo Technology Group by 441.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock worth $65,594,000 after purchasing an additional 795,751 shares during the period. Finally, Elemental Capital Partners LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter worth approximately $43,171,000. Institutional investors and hedge funds own 80.46% of the company's stock.

Insider Transactions at Credo Technology Group

In other news, COO Yat Tung Lam sold 100,000 shares of the business'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 of the company's stock, valued at $61,130,000. The trade was a 9.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $48.02, for a total transaction of $2,641,100.00. Following the transaction, the chief technology officer now owns 7,663,602 shares in the company, valued at approximately $368,006,168.04. This trade represents a 0.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 573,665 shares of company stock valued at $25,908,531 over the last three months. Corporate insiders own 16.04% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. 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. 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 research report on Tuesday, April 22nd. Bank of America lowered their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock 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. Finally, Mizuho cut 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 report on Thursday, April 3rd. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $71.50.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO traded up $0.55 during midday trading on Friday, hitting $60.13. 2,874,498 shares of the company's stock were exchanged, compared to its average volume of 3,681,067. The stock has a 50 day moving average price of $44.34 and a 200-day moving average price of $56.06. The company has a market cap of $10.21 billion, a PE ratio of -400.87 and a beta of 2.29. Credo Technology Group Holding Ltd has a 12 month low of $18.54 and a 12 month high of $86.69.

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.