Occudo Quantitative Strategies LP acquired a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 23,385 shares of the company's stock, valued at approximately $1,572,000.
Several other large investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its holdings in shares of Credo Technology Group by 7.4% during 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 last quarter. Geode Capital Management LLC boosted its position in shares of 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 worth $222,884,000 after purchasing an additional 138,686 shares during the period. Norges Bank purchased a new stake in shares of Credo Technology Group during the fourth quarter worth $117,242,000. Alliancebernstein L.P. raised its holdings 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 in the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of Credo Technology Group by 49.5% during the fourth quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company's stock worth $110,482,000 after purchasing an additional 543,940 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
CRDO has been the subject of a number of recent analyst reports. Mizuho decreased their price target 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. Bank of America lowered their price target 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. Barclays cut their price objective on shares of Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Stifel Nicolaus lowered their target price 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, Needham & Company LLC reiterated a "buy" rating and set a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $71.50.
Get Our Latest Analysis on CRDO
Credo Technology Group Price Performance
Shares of CRDO stock traded up $0.55 during trading hours on Friday, reaching $60.13. The company had a trading volume of 2,874,498 shares, compared to its average volume of 3,681,067. Credo Technology Group Holding Ltd has a 1-year low of $18.54 and a 1-year high of $86.69. The company has a 50 day moving average of $44.34 and a 200 day moving average of $56.06. The firm has a market cap of $10.21 billion, a price-to-earnings ratio of -400.87 and a beta of 2.29.
Insider Activity
In other news, COO Yat Tung Lam sold 100,000 shares of the firm's stock in a transaction dated 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 completion of the sale, the chief operating officer now directly owns 1,000,000 shares in the company, valued at $61,130,000. This trade represents a 9.09% decrease in their position. The sale was disclosed in a 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 Monday, March 24th. The stock was sold at an average price of $49.77, for a total transaction of $2,737,350.00. Following the transaction, the chief technology officer now owns 8,048,602 shares in the company, valued at approximately $400,578,921.54. This trade represents a 0.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 573,665 shares of company stock worth $25,908,531. Insiders own 16.04% of the company's stock.
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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