Axiom Investors LLC DE Buys New Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Axiom Investors LLC DE purchased a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 247,806 shares of the company's stock, valued at approximately $16,655,000. Axiom Investors LLC DE owned about 0.15% of Credo Technology Group at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in shares of Credo Technology Group during the 4th quarter valued at about $117,242,000. Point72 Asset Management L.P. boosted its holdings in shares of Credo Technology Group by 73.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company's stock worth $120,627,000 after buying an additional 1,660,230 shares during the period. FMR LLC grew its stake in Credo Technology Group by 731.6% in the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company's stock valued at $35,493,000 after buying an additional 1,013,789 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings 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 acquiring an additional 909,578 shares during the period. Finally, Wellington Management Group LLP grew its position in shares of Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company's stock valued at $88,188,000 after purchasing an additional 705,512 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CRDO. Barclays boosted their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. The Goldman Sachs Group lifted their target price on Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research report on Friday, January 10th. Needham & Company LLC reiterated a "buy" rating and issued a $80.00 price objective on shares of Credo Technology Group in a research report on Wednesday, March 5th. Stifel Nicolaus boosted their price objective on Credo Technology Group from $75.00 to $80.00 and gave the company a "buy" rating in a research report on Monday, January 6th. Finally, Susquehanna upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $74.60.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $49.77, for a total value of $2,737,350.00. Following the transaction, the chief technology officer now owns 8,048,602 shares of the company's stock, valued at approximately $400,578,921.54. The trade was a 0.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $45.23, for a total transaction of $452,300.00. Following the sale, the chief operating officer now directly owns 2,802,447 shares of the company's stock, valued at $126,754,677.81. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 970,665 shares of company stock worth $65,135,892. Insiders own 16.04% of the company's stock.

Credo Technology Group Price Performance

Shares of CRDO stock traded down $3.54 during trading hours on Friday, hitting $33.60. 5,272,056 shares of the company's stock were exchanged, compared to its average volume of 3,390,551. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69. The stock has a market cap of $5.71 billion, a price-to-earnings ratio of -222.50 and a beta of 2.16. The stock's 50-day moving average is $57.19 and its 200-day moving average is $53.91.

Credo Technology Group 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.