Price T Rowe Associates Inc. MD Has $65.59 Million Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Price T Rowe Associates Inc. MD boosted its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 441.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 975,935 shares of the company's stock after buying an additional 795,751 shares during the period. Price T Rowe Associates Inc. MD owned about 0.58% of Credo Technology Group worth $65,594,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of CRDO. Kestra Investment Management LLC acquired a new stake in Credo Technology Group in the fourth quarter worth $38,000. WASHINGTON TRUST Co acquired a new stake in Credo Technology Group in the fourth quarter worth $43,000. Principal Securities Inc. raised its holdings in Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company's stock worth $45,000 after purchasing an additional 576 shares during the period. Plato Investment Management Ltd acquired a new stake in Credo Technology Group in the fourth quarter worth $61,000. Finally, GAMMA Investing LLC raised its holdings in Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company's stock worth $65,000 after purchasing an additional 351 shares during the period. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Stock Up 5.8 %

Shares of CRDO stock traded up $2.49 on Thursday, reaching $45.54. The stock had a trading volume of 3,832,257 shares, compared to its average volume of 3,569,583. The firm's 50-day moving average is $43.77 and its two-hundred day moving average is $54.89. The firm has a market capitalization of $7.73 billion, a price-to-earnings ratio of -303.60 and a beta of 2.30. Credo Technology Group Holding Ltd has a 12 month low of $16.91 and a 12 month high of $86.69.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of the firm's stock in a transaction on 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 sale, the chief operating officer now owns 1,000,000 shares of the company's stock, valued at approximately $61,130,000. This trade represents a 9.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the firm's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the sale, the director now directly owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. This represents a 0.03 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 518,665 shares of company stock worth $23,306,713. Insiders own 16.04% of the company's stock.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of research analyst reports. Bank of America dropped their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. Stifel Nicolaus dropped their price objective on shares of Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Barclays dropped 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. Susquehanna upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Finally, Mizuho lowered their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research note on Thursday, April 3rd. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group presently has a consensus rating of "Buy" and an average price target of $71.50.

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.