Fmr LLC Increases Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

FMR LLC raised its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 731.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,152,361 shares of the company's stock after purchasing an additional 1,013,789 shares during the quarter. FMR LLC owned 0.69% of Credo Technology Group worth $35,493,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in CRDO. Swedbank AB lifted its stake in Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company's stock worth $101,650,000 after acquiring an additional 2,961,454 shares during the period. Principal Financial Group Inc. lifted its stake in Credo Technology Group by 22.7% in the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company's stock worth $61,415,000 after acquiring an additional 368,518 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Credo Technology Group by 27.2% during the second quarter. The Manufacturers Life Insurance Company now owns 1,697,723 shares of the company's stock valued at $54,225,000 after buying an additional 362,634 shares during the last quarter. Bank of Montreal Can purchased a new stake in shares of Credo Technology Group during the third quarter valued at about $8,578,000. Finally, Bank of New York Mellon Corp lifted its position in shares of Credo Technology Group by 62.7% during the second quarter. Bank of New York Mellon Corp now owns 654,773 shares of the company's stock valued at $20,913,000 after buying an additional 252,349 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on CRDO shares. Stifel Nicolaus reissued a "buy" rating and set a $75.00 price target (up from $50.00) on shares of Credo Technology Group in a research report on Tuesday, December 3rd. Needham & Company LLC increased their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a "buy" rating in a research report on Tuesday, December 3rd. The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $31.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, December 4th. Barclays increased their price target 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 increased their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a "buy" rating in a research report on Tuesday, October 22nd. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Credo Technology Group presently has a consensus rating of "Buy" and a consensus target price of $67.33.

Insider Activity

In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $28.22, for a total transaction of $1,552,100.00. Following the sale, the chief technology officer now owns 9,058,602 shares of the company's stock, valued at $255,633,748.44. This trade represents a 0.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider James Laufman sold 20,000 shares of the firm's stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $31.36, for a total transaction of $627,200.00. Following the sale, the insider now directly owns 302,466 shares in the company, valued at $9,485,333.76. The trade was a 6.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,341,120 shares of company stock worth $51,364,455 over the last 90 days. 16.04% of the stock is currently owned by corporate insiders.

Credo Technology Group Stock Down 9.7 %

Shares of CRDO traded down $7.20 during mid-day trading on Monday, hitting $67.03. 5,665,587 shares of the company traded hands, compared to its average volume of 2,407,755. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $75.32. The company has a market capitalization of $11.21 billion, a PE ratio of -450.00 and a beta of 2.26. The business has a 50 day moving average of $42.84 and a 200 day moving average of $33.83.

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.