Thornburg Investment Management Inc. Has $8.91 Million Stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Thornburg Investment Management Inc. lowered its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 31.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 132,554 shares of the company’s stock after selling 60,111 shares during the quarter. Thornburg Investment Management Inc.’s holdings in Credo Technology Group were worth $8,909,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Kestra Investment Management LLC bought a new stake in Credo Technology Group during the 4th quarter worth approximately $38,000. WASHINGTON TRUST Co acquired a new position in shares of Credo Technology Group in the fourth quarter valued at approximately $43,000. Principal Securities Inc. boosted its holdings in shares of Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after buying an additional 576 shares during the period. Quarry LP bought a new stake in shares of Credo Technology Group during the fourth quarter worth $58,000. Finally, Plato Investment Management Ltd acquired a new stake in shares of Credo Technology Group during the fourth quarter worth $61,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Up 0.9%

NASDAQ:CRDO opened at $60.13 on Friday. Credo Technology Group Holding Ltd has a twelve month low of $18.54 and a twelve month high of $86.69. The firm has a market capitalization of $10.21 billion, a price-to-earnings ratio of -400.87 and a beta of 2.29. The stock’s 50 day moving average price is $44.34 and its two-hundred day moving average price is $56.17.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Needham & Company LLC reiterated a “buy” rating and set a $80.00 target price on shares of Credo Technology Group in a report on Wednesday, March 5th. Bank of America dropped their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Mizuho reduced their price target on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research report on Thursday, April 3rd. Stifel Nicolaus decreased their price target on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Finally, Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $71.50.

Insider Activity at Credo Technology Group

In other news, Director Pantas Sutardja sold 1,875 shares of the company’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $46.01, for a total value of $86,268.75. Following the sale, the director now directly owns 5,900,527 shares of the company’s stock, valued at approximately $271,483,247.27. This represents a 0.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the completion of the sale, the chief operating officer now owns 1,000,000 shares of the company’s stock, valued at $61,130,000. This trade represents a 9.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 573,665 shares of company stock valued at $25,908,531. 16.04% of the stock is owned by corporate insiders.

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.