Wellington Management Group LLP Grows Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Wellington Management Group LLP boosted its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 32.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,863,245 shares of the company's stock after purchasing an additional 705,512 shares during the quarter. Wellington Management Group LLP owned approximately 1.72% of Credo Technology Group worth $88,188,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Assetmark Inc. lifted its holdings in shares of Credo Technology Group by 5.4% in the third quarter. Assetmark Inc. now owns 4,978 shares of the company's stock worth $153,000 after buying an additional 257 shares in the last quarter. 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 valued at $34,000 after purchasing an additional 400 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Credo Technology Group by 11.3% in the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company's stock worth $145,000 after purchasing an additional 478 shares during the last quarter. CWM LLC grew its holdings in 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 buying an additional 594 shares in the last quarter. Finally, US Bancorp DE increased its stake in Credo Technology Group by 4.2% in the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company's stock worth $499,000 after acquiring an additional 649 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Credo Technology Group news, 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 transaction, the chief executive officer now directly owns 2,370,858 shares in the company, valued at $160,388,543.70. This trade represents a 5.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider James Laufman sold 20,000 shares of the 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 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 quarter. Company insiders own 16.04% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CRDO shares. TD Cowen raised their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, December 3rd. Barclays lifted their price objective on shares of Credo Technology Group from $32.00 to $80.00 and gave the stock an "overweight" rating in a research note on Tuesday, December 3rd. Mizuho upped 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 report on Monday, October 14th. Bank of America upgraded 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. Finally, Craig Hallum upped their price objective on Credo Technology Group from $38.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, December 3rd. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $67.33.

Credo Technology Group Trading Up 4.8 %

Shares of CRDO stock traded up $3.20 on Wednesday, reaching $69.46. 4,512,673 shares of the company's stock were exchanged, compared to its average volume of 2,422,907. The company's fifty day simple moving average is $44.29 and its 200 day simple moving average is $34.49. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $75.32. The stock has a market capitalization of $11.62 billion, a PE ratio of -441.73 and a beta of 2.26.

About Credo Technology Group

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.