Nuveen Asset Management LLC lessened its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 21.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,402,890 shares of the company's stock after selling 373,389 shares during the period. Nuveen Asset Management LLC owned 0.84% of Credo Technology Group worth $94,288,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of CRDO. Norges Bank acquired a new position in Credo Technology Group in the 4th quarter worth about $117,242,000. Alliancebernstein L.P. grew 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 valued at $117,011,000 after acquiring an additional 1,305,594 shares during the period. JPMorgan Chase & Co. grew its stake in Credo Technology Group by 7.4% in the third 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 period. Price T Rowe Associates Inc. MD grew its stake in Credo Technology Group by 441.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock valued at $65,594,000 after acquiring an additional 795,751 shares during the period. Finally, Elemental Capital Partners LLC bought a new position in shares of Credo Technology Group in the fourth quarter valued at approximately $43,171,000. Institutional investors and hedge funds own 80.46% of the company's stock.
Insider Buying and Selling
In other news, CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction on Friday, April 11th. The stock was sold at an average price of $40.75, for a total transaction of $154,442.50. Following the transaction, the chief financial officer now directly owns 608,602 shares of the company's stock, valued at $24,800,531.50. This represents a 0.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider James Laufman sold 8,000 shares of the company's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $39.09, for a total value of $312,720.00. Following the completion of the sale, the insider now owns 271,725 shares of the company's stock, valued at $10,621,730.25. This trade represents a 2.86% 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 worth $25,908,531 in the last three months. Insiders own 16.04% of the company's stock.
Credo Technology Group Trading Up 0.2%
Credo Technology Group stock traded up $0.15 during mid-day trading on Tuesday, hitting $62.11. The company had a trading volume of 2,692,131 shares, compared to its average volume of 3,686,375. The company has a market capitalization of $10.55 billion, a PE ratio of -414.07 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. The stock's 50 day moving average price is $44.97 and its two-hundred day moving average price is $56.49.
Wall Street Analyst Weigh In
A number of research analysts have recently weighed in on CRDO shares. Needham & Company LLC restated a "buy" rating and issued a $80.00 target price on shares of Credo Technology Group in a report on Wednesday, March 5th. Stifel Nicolaus reduced their price target on 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. 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 cut their price objective on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. Finally, Mizuho cut their price objective 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. 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.com, the company currently has an average rating of "Buy" and an average price target of $71.50.
View Our Latest Stock Analysis on Credo Technology Group
Credo Technology Group Profile
(
Free Report)
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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