JPMorgan Chase & Co. grew its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 7.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,142,773 shares of the company's stock after acquiring an additional 909,578 shares during the quarter. JPMorgan Chase & Co. owned 7.86% of Credo Technology Group worth $404,797,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Assetmark Inc. lifted its stake in shares of Credo Technology Group by 5.4% in the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company's stock valued at $153,000 after purchasing an additional 257 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Credo Technology Group by 11.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company's stock worth $145,000 after acquiring an additional 478 shares during the last quarter. US Bancorp DE grew its holdings in Credo Technology Group by 4.2% during the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company's stock valued at $499,000 after purchasing an additional 649 shares during the last quarter. PDT Partners LLC lifted its stake in Credo Technology Group by 0.7% in the third quarter. PDT Partners LLC now owns 88,720 shares of the company's stock worth $2,733,000 after purchasing an additional 652 shares during the last quarter. Finally, Allworth Financial LP grew its stake in shares of Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company's stock valued at $26,000 after buying an additional 771 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.
Credo Technology Group Price Performance
Credo Technology Group stock traded down $2.73 during trading hours on Friday, reaching $69.29. The stock had a trading volume of 2,914,411 shares, compared to its average volume of 2,488,341. The company has a market cap of $11.59 billion, a price-to-earnings ratio of -461.93 and a beta of 2.26. The business's 50 day moving average price is $53.46 and its 200-day moving average price is $38.63. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $78.97.
Insider Transactions at Credo Technology Group
In other news, COO Yat Tung Lam sold 10,000 shares of the company's stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $38.41, for a total transaction of $384,100.00. Following the transaction, the chief operating officer now owns 2,872,672 shares in the company, valued at $110,339,331.52. This represents a 0.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO William Joseph Brennan sold 143,880 shares of the stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the completion of the transaction, the chief executive officer now directly owns 2,370,858 shares of the company's stock, valued at $160,388,543.70. The trade was a 5.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,380,951 shares of company stock valued at $59,521,425 in the last 90 days. Insiders own 16.04% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts have weighed in on the company. The Goldman Sachs Group increased their target price on Credo Technology Group from $31.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, December 4th. Craig Hallum raised their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, December 3rd. Needham & Company LLC boosted their price target on Credo Technology Group from $43.00 to $70.00 and gave the company a "buy" rating in a report on Tuesday, December 3rd. Susquehanna assumed coverage on Credo Technology Group in a report on Tuesday, December 17th. They set a "neutral" rating and a $80.00 price objective on the stock. Finally, Mizuho upped their target price on Credo Technology Group from $35.00 to $41.00 and gave the stock an "outperform" rating in a report on Monday, October 14th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $68.60.
Check Out Our Latest Analysis on Credo Technology Group
Credo Technology Group Profile
(
Free Report)
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.
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