59,788 Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Acquired by Nicholas Investment Partners LP

Nicholas Investment Partners LP bought a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 59,788 shares of the company's stock, valued at approximately $4,018,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. raised its stake in Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock valued at $404,797,000 after acquiring an additional 909,578 shares during the last quarter. Geode Capital Management LLC raised its stake in Credo Technology Group by 4.4% during the 4th 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 purchased a new stake in Credo Technology Group during the 4th quarter valued at approximately $117,242,000. Alliancebernstein L.P. raised its stake in Credo Technology Group by 299.9% during the 4th 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 Credo Technology Group by 49.5% during the 4th 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. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Stock Performance

Shares of CRDO traded down $0.40 during trading hours on Monday, hitting $59.73. The stock had a trading volume of 1,356,027 shares, compared to its average volume of 3,681,755. The firm has a market cap of $10.14 billion, a P/E ratio of -399.17 and a beta of 2.29. The company's fifty day simple moving average is $44.34 and its 200 day simple moving average is $56.30. Credo Technology Group Holding Ltd has a 12-month low of $18.54 and a 12-month high of $86.69.

Insider Buying and Selling at Credo Technology Group

In other news, insider James Laufman sold 8,000 shares of the firm's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $39.09, for a total transaction of $312,720.00. Following the completion of the sale, the insider now directly owns 271,725 shares in the company, valued at $10,621,730.25. This trade represents a 2.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $32.96, for a total value of $1,812,800.00. Following the completion of the transaction, the chief technology officer now owns 7,938,602 shares of the company's stock, valued at $261,656,321.92. This trade represents a 0.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 573,665 shares of company stock valued at $25,908,531 over the last three months. 16.04% of the stock is owned by company insiders.

Analysts Set New Price Targets

CRDO has been the topic of several recent analyst reports. Susquehanna upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Bank of America lowered their price target on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. Barclays lowered their price target on Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Needham & Company LLC restated a "buy" rating and issued a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. Finally, Stifel Nicolaus lowered their target price on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $71.50.

Credo Technology Group Company 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.