Franklin Resources Inc. Buys 11,065 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Franklin Resources Inc. increased its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 17.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 73,037 shares of the company's stock after acquiring an additional 11,065 shares during the quarter. Franklin Resources Inc.'s holdings in Credo Technology Group were worth $2,250,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Point72 Hong Kong Ltd purchased a new stake in Credo Technology Group in the 3rd quarter worth approximately $3,948,000. Wellington Management Group LLP increased its holdings 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 worth $88,188,000 after purchasing an additional 705,512 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Credo Technology Group by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company's stock worth $35,006,000 after buying an additional 95,335 shares in the last quarter. Centiva Capital LP bought a new stake in Credo Technology Group during the third quarter valued at $553,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Credo Technology Group by 94.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company's stock worth $7,507,000 after buying an additional 118,169 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 13,820 shares of the stock in a transaction on Monday, September 30th. The shares were sold at an average price of $31.12, for a total transaction of $430,078.40. Following the completion of the sale, the director now owns 2,849,905 shares of the company's stock, valued at $88,689,043.60. This represents a 0.48 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William Joseph Brennan sold 143,880 shares of the firm's stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the completion of the sale, the chief executive officer now directly owns 2,370,858 shares in the company, valued at approximately $160,388,543.70. This trade represents a 5.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,380,951 shares of company stock worth $59,521,425 in the last ninety days. 16.04% of the stock is owned by company insiders.

Credo Technology Group Trading Down 3.8 %

Shares of NASDAQ:CRDO traded down $2.73 on Friday, reaching $69.29. 2,914,411 shares of the company traded hands, compared to its average volume of 2,488,341. The stock has a market capitalization of $11.59 billion, a P/E ratio of -461.93 and a beta of 2.26. The business's 50-day simple moving average is $52.82 and its 200 day simple moving average is $38.21. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $78.97.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CRDO shares. The Goldman Sachs Group raised their price target on Credo Technology Group from $31.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, December 4th. Mizuho raised their target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an "outperform" rating in a research note on Monday, October 14th. Susquehanna assumed coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They issued a "neutral" rating and a $80.00 price target for the company. Barclays raised their price objective on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an "overweight" rating in a research report on Tuesday, December 3rd. Finally, Roth Mkm lifted their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $68.60.

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.