Zacks Investment Management Takes $1.21 Million Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Zacks Investment Management purchased a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 18,057 shares of the company’s stock, valued at approximately $1,214,000.

Several other large investors have also recently bought and sold shares of CRDO. Norges Bank purchased a new position in Credo Technology Group during the 4th quarter valued at about $117,242,000. Alliancebernstein L.P. boosted its holdings in shares of Credo Technology Group by 299.9% during the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock worth $117,011,000 after purchasing an additional 1,305,594 shares during the period. JPMorgan Chase & Co. grew its position 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 valued at $404,797,000 after purchasing an additional 909,578 shares in the last quarter. Elemental Capital Partners LLC acquired a new position in Credo Technology Group in the 4th quarter valued at approximately $43,171,000. Finally, Invesco Ltd. lifted its position in Credo Technology Group by 589.7% in the 4th quarter. Invesco Ltd. now owns 535,684 shares of the company’s stock worth $36,003,000 after buying an additional 458,015 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Stock Down 3.2 %

Shares of CRDO stock opened at $36.52 on Friday. The firm has a market cap of $6.20 billion, a P/E ratio of -243.47 and a beta of 2.30. The business has a 50-day moving average price of $48.58 and a two-hundred day moving average price of $54.50. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69.

Analyst Upgrades and Downgrades

CRDO has been the subject of several research analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $80.00 target price on shares of Credo Technology Group in a research note on Wednesday, March 5th. Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Stifel Nicolaus cut 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. The Goldman Sachs Group increased their price target on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Finally, Barclays lifted their price objective on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Credo Technology Group presently has a consensus rating of “Buy” and an average target price of $73.50.

Insider Buying and Selling at Credo Technology Group

In other news, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $80.59, for a total transaction of $805,900.00. Following the completion of the sale, the chief operating officer now directly owns 2,825,621 shares in the company, valued at approximately $227,716,796.39. This represents a 0.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 60,000 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $80.57, for a total value of $4,834,200.00. Following the transaction, the chief technology officer now owns 8,268,602 shares in the company, valued at approximately $666,201,263.14. This represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 633,665 shares of company stock worth $33,612,713 over the last three months. Company insiders own 16.04% of the company’s stock.

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.