Lord Abbett & CO. LLC Has $54.03 Million Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Lord Abbett & CO. LLC lessened its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 13.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,754,349 shares of the company's stock after selling 279,392 shares during the quarter. Lord Abbett & CO. LLC owned approximately 1.05% of Credo Technology Group worth $54,034,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. CWM LLC increased its holdings in shares of Credo Technology Group by 78.1% during the 2nd quarter. CWM LLC now owns 1,355 shares of the company's stock valued at $43,000 after acquiring an additional 594 shares during the last quarter. Swedbank AB bought a new position in shares of Credo Technology Group in the second quarter valued at approximately $10,823,000. SeaCrest Wealth Management LLC acquired a new stake in shares of Credo Technology Group in the second quarter worth $362,000. Fifth Third Bancorp boosted its holdings in shares of Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company's stock worth $34,000 after buying an additional 400 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in Credo Technology Group by 62.7% in the 2nd 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 and hedge funds.

Insider Activity

In other Credo Technology Group news, insider James Laufman sold 20,000 shares of the business's stock in a transaction on Friday, September 27th. The stock was sold at an average price of $31.36, for a total value of $627,200.00. Following the transaction, the insider now owns 302,466 shares of the company's stock, valued at approximately $9,485,333.76. The trade was a 6.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $29.67, for a total value of $1,631,850.00. Following the completion of the sale, the chief technology officer now owns 9,003,602 shares of the company's stock, valued at approximately $267,136,871.34. This trade represents a 0.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,276,120 shares of company stock worth $49,535,455. Corporate insiders own 16.04% of the company's stock.

Credo Technology Group Trading Up 11.0 %

CRDO stock traded up $7.53 during trading on Friday, hitting $75.95. The company had a trading volume of 6,696,979 shares, compared to its average volume of 2,443,352. The company has a fifty day moving average price of $46.69 and a two-hundred day moving average price of $35.57. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $76.53. The company has a market cap of $12.70 billion, a P/E ratio of -506.33 and a beta of 2.26.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Roth Mkm boosted their target price on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a research report on Tuesday, October 22nd. Barclays increased their target price on Credo Technology Group from $32.00 to $80.00 and gave the company an "overweight" rating in a research note on Tuesday, December 3rd. Bank of America raised Credo Technology Group from an "underperform" rating to a "buy" rating and lifted their price target for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Mizuho increased their price objective on Credo Technology Group from $35.00 to $41.00 and gave the company an "outperform" rating in a research report on Monday, October 14th. Finally, Craig Hallum raised their price target 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. Nine analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $67.33.

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.