Federated Hermes Inc. Takes $17.90 Million Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Federated Hermes Inc. acquired a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 266,325 shares of the company's stock, valued at approximately $17,900,000. Federated Hermes Inc. owned about 0.16% of Credo Technology Group as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in CRDO. JPMorgan Chase & Co. raised its stake in Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock valued at $404,797,000 after purchasing an additional 909,578 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Credo Technology Group by 4.4% during the fourth quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company's stock valued at $222,884,000 after buying an additional 138,686 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company's stock valued at $88,188,000 after buying an additional 705,512 shares during the last quarter. Principal Financial Group Inc. increased its stake in Credo Technology Group by 22.7% during the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company's stock valued at $61,415,000 after acquiring an additional 368,518 shares during the period. Finally, Norges Bank acquired a new position in Credo Technology Group in the 4th quarter valued at approximately $117,242,000. 80.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Mizuho lowered their price objective on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research report on Thursday, April 3rd. Barclays raised their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an "overweight" rating in a report on Friday, January 17th. Stifel Nicolaus upped their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a "buy" rating in a research note on Monday, January 6th. Needham & Company LLC reaffirmed a "buy" rating and set a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Finally, Bank of America dropped their target price on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $74.60.

Credo Technology Group Price Performance

CRDO stock traded up $1.24 during trading hours on Monday, reaching $39.96. The stock had a trading volume of 996,426 shares, compared to its average volume of 3,492,750. The stock has a 50-day simple moving average of $52.54 and a 200 day simple moving average of $54.58. The stock has a market capitalization of $6.79 billion, a PE ratio of -266.40 and a beta of 2.30. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 60,000 shares of the firm's stock in a transaction on Tuesday, January 14th. The stock was sold at an average price of $69.57, for a total transaction of $4,174,200.00. Following the completion of the sale, the chief technology officer now owns 8,328,602 shares of the company's stock, valued at $579,420,841.14. This trade represents a 0.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of the company's stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $72.69, for a total transaction of $10,903,500.00. Following the completion of the transaction, the director now owns 963,725 shares in the company, valued at approximately $70,053,170.25. This represents a 13.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 721,875 shares of company stock valued at $44,039,400 over the last 90 days. 16.04% of the stock is currently owned by insiders.

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.