Point72 Hong Kong Ltd Has $26.86 Million Stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Point72 Hong Kong Ltd raised its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 211.8% during the fourth quarter, HoldingsChannel reports. The fund owned 399,656 shares of the company’s stock after acquiring an additional 271,481 shares during the quarter. Credo Technology Group accounts for approximately 1.6% of Point72 Hong Kong Ltd’s investment portfolio, making the stock its 9th largest holding. Point72 Hong Kong Ltd’s holdings in Credo Technology Group were worth $26,861,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank bought a new position in Credo Technology Group during the 4th quarter valued at about $117,242,000. Alliancebernstein L.P. boosted its position 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 valued at $117,011,000 after buying an additional 1,305,594 shares during the period. Polar Capital Holdings Plc boosted its position in shares of Credo Technology Group by 382.1% during the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock valued at $97,527,000 after buying an additional 1,150,084 shares during the period. JPMorgan Chase & Co. grew its stake 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 buying an additional 909,578 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of 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 worth $65,594,000 after buying an additional 795,751 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $59.79 on Thursday. Credo Technology Group Holding Ltd has a 1-year low of $17.73 and a 1-year high of $86.69. The company has a 50-day moving average of $43.60 and a 200 day moving average of $55.80. The firm has a market cap of $10.15 billion, a PE ratio of -398.60 and a beta of 2.29.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on CRDO shares. Needham & Company LLC restated a “buy” rating and set a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Barclays cut their price target 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. Bank of America decreased their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Finally, Stifel Nicolaus reduced their target price on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating on the stock in a research report on Thursday, April 17th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $71.50.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $47.29, for a total transaction of $2,600,950.00. Following the completion of the sale, the chief technology officer now directly owns 8,103,602 shares of the company’s stock, valued at approximately $383,219,338.58. This represents a 0.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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 in the company, valued at $61,130,000. This represents a 9.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 573,665 shares of company stock worth $25,908,531. 16.04% of the stock is currently 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.