First Trust Advisors LP Boosts Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

First Trust Advisors LP raised its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 3.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 183,870 shares of the company's stock after purchasing an additional 6,340 shares during the quarter. First Trust Advisors LP owned 0.11% of Credo Technology Group worth $12,358,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Franklin Resources Inc. grew its holdings in Credo Technology Group by 17.9% during the third quarter. Franklin Resources Inc. now owns 73,037 shares of the company's stock valued at $2,250,000 after purchasing an additional 11,065 shares during the period. Principal Financial Group Inc. grew its stake in shares of Credo Technology Group by 22.7% during the 3rd 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. JPMorgan Chase & Co. grew its stake in shares of 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 acquiring an additional 909,578 shares during the period. GAMMA Investing LLC increased its holdings in Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company's stock worth $65,000 after acquiring an additional 351 shares in the last quarter. Finally, Everence Capital Management Inc. bought a new stake in Credo Technology Group during the 4th quarter worth approximately $252,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

Credo Technology Group Trading Up 0.4 %

Shares of NASDAQ:CRDO traded up $0.17 during trading on Tuesday, reaching $43.21. The company's stock had a trading volume of 2,037,173 shares, compared to its average volume of 3,553,131. The firm's 50 day simple moving average is $44.80 and its two-hundred day simple moving average is $55.05. Credo Technology Group Holding Ltd has a 12 month low of $16.91 and a 12 month high of $86.69. The stock has a market capitalization of $7.34 billion, a PE ratio of -288.07 and a beta of 2.30.

Insider Activity

In related news, COO Yat Tung Lam sold 100,000 shares of the firm's stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $58.66, for a total value of $5,866,000.00. Following the completion of the sale, the chief operating officer now directly owns 2,825,621 shares in the company, valued at $165,750,927.86. This trade represents a 3.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $47.29, for a total transaction of $2,600,950.00. Following the transaction, the chief technology officer now owns 8,103,602 shares in the company, valued at $383,219,338.58. This trade represents a 0.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 563,665 shares of company stock valued at $26,810,463 in the last ninety days. Insiders own 16.04% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Barclays reduced their price objective on shares of Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. The Goldman Sachs Group upped their price objective on Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research note on Friday, January 10th. Needham & Company LLC reissued a "buy" rating and set a $80.00 target price on shares of Credo Technology Group in a research note on Wednesday, March 5th. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Finally, Mizuho lowered their target price on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a report on Thursday, April 3rd. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Credo Technology Group presently has an average rating of "Buy" and an average target price of $71.50.

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.