Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC lifted its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 5.7% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,176,796 shares of the company's stock after purchasing an additional 170,412 shares during the period. Geode Capital Management LLC owned approximately 1.91% of Credo Technology Group worth $97,865,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. raised its position in Credo Technology Group by 73.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company's stock valued at $120,627,000 after purchasing an additional 1,660,230 shares in the last quarter. Driehaus Capital Management LLC increased its stake in shares of Credo Technology Group by 3.1% during the second quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company's stock worth $121,097,000 after buying an additional 115,271 shares during the period. Swedbank AB raised its holdings in Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company's stock valued at $101,650,000 after acquiring an additional 2,961,454 shares in the last quarter. Wellington Management Group LLP lifted its stake in Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company's stock worth $88,188,000 after acquiring an additional 705,512 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. grew its holdings in Credo Technology Group by 9.1% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 2,431,433 shares of the company's stock worth $77,660,000 after acquiring an additional 203,739 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Bank of America raised shares of Credo Technology Group from an "underperform" rating to a "buy" rating and lifted their price objective for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Craig Hallum lifted their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, December 3rd. TD Cowen increased their price objective on Credo Technology Group from $45.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, December 3rd. Susquehanna began coverage on Credo Technology Group in a research note on Tuesday. They set a "neutral" rating and a $80.00 target price for the company. Finally, Roth Mkm upped their price target on Credo Technology Group from $35.00 to $45.00 and gave the company a "buy" rating in a report on Tuesday, October 22nd. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $68.60.

Credo Technology Group Stock Performance

NASDAQ CRDO traded up $0.58 on Thursday, reaching $67.04. The stock had a trading volume of 3,062,293 shares, compared to its average volume of 2,474,687. The stock has a market cap of $11.21 billion, a P/E ratio of -446.93 and a beta of 2.26. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $78.97. The business's 50-day moving average price is $48.93 and its 200 day moving average price is $36.45.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $29.67, for a total value of $1,631,850.00. Following the transaction, the chief technology officer now directly owns 9,003,602 shares in the company, valued at approximately $267,136,871.34. This trade represents a 0.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William Joseph Brennan sold 143,880 shares of the company's stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total value of $9,733,482.00. Following the sale, the chief executive officer now owns 2,370,858 shares of the company's stock, valued at $160,388,543.70. This trade represents a 5.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,276,120 shares of company stock valued at $49,535,455 in the last ninety days. 16.04% of the stock is currently owned by company insiders.

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.