Allspring Global Investments Holdings LLC Has $5.37 Million Stock Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Allspring Global Investments Holdings LLC boosted its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 72,952.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 79,627 shares of the company's stock after purchasing an additional 79,518 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Credo Technology Group were worth $5,367,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CRDO. Allworth Financial LP raised its position in shares of Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company's stock valued at $26,000 after purchasing an additional 771 shares during the period. Rakuten Securities Inc. bought a new position in shares of Credo Technology Group in the third quarter valued at approximately $30,000. GAMMA Investing LLC raised its position in shares of Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company's stock valued at $65,000 after purchasing an additional 351 shares during the period. Brown Brothers Harriman & Co. raised its position in shares of Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company's stock valued at $35,000 after purchasing an additional 1,001 shares during the period. Finally, Larson Financial Group LLC raised its position in shares of Credo Technology Group by 240.0% in the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company's stock valued at $61,000 after purchasing an additional 1,399 shares during the period. Institutional investors and hedge funds own 80.46% of the company's stock.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $48.57, for a total value of $2,671,350.00. Following the completion of the transaction, the chief technology officer now directly owns 8,618,602 shares in the company, valued at approximately $418,605,499.14. The trade was a 0.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William Joseph Brennan sold 143,880 shares of the business's stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $67.65, for a total value of $9,733,482.00. Following the completion of the transaction, the chief executive officer now owns 2,370,858 shares of the company's stock, valued at $160,388,543.70. This represents a 5.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,305,679 shares of company stock worth $89,862,242. 16.04% of the stock is owned by company insiders.

Credo Technology Group Trading Down 6.3 %

Shares of CRDO stock traded down $4.50 on Friday, reaching $66.78. The company had a trading volume of 4,173,687 shares, compared to its average volume of 5,596,906. The stock has a market cap of $11.17 billion, a PE ratio of -445.20 and a beta of 2.09. The company has a 50-day moving average of $72.26 and a 200-day moving average of $50.50. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $86.69.

Wall Street Analysts Forecast Growth

CRDO has been the topic of a number of recent analyst reports. Susquehanna initiated coverage on shares of Credo Technology Group in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $80.00 price target on the stock. Needham & Company LLC boosted their target price on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a "buy" rating in a research report on Tuesday, December 3rd. Bank of America raised shares of Credo Technology Group from an "underperform" rating to a "buy" rating and boosted their target price for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Stifel Nicolaus boosted their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday, January 6th. Finally, The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research note on Friday, January 10th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $76.40.

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.