Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Bought by Invesco Ltd.

Invesco Ltd. raised its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 589.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 535,684 shares of the company's stock after acquiring an additional 458,015 shares during the period. Invesco Ltd. owned approximately 0.32% of Credo Technology Group worth $36,003,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CRDO. Polymer Capital Management US LLC acquired a new position in shares of Credo Technology Group during the 4th quarter valued at about $2,567,000. Cerity Partners LLC acquired a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $335,000. Ritter Daniher Financial Advisory LLC DE acquired a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $87,000. Trek Financial LLC acquired a new position in Credo Technology Group in the fourth quarter valued at approximately $1,896,000. Finally, Polymer Capital Management HK LTD acquired a new position in Credo Technology Group in the fourth quarter valued at approximately $3,670,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Credo Technology Group

In other news, insider James Laufman sold 8,000 shares of the stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $39.09, for a total value of $312,720.00. Following the completion of the sale, the insider now directly owns 271,725 shares of the company's stock, valued at approximately $10,621,730.25. This represents a 2.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $80.59, for a total transaction of $805,900.00. Following the completion of the transaction, the chief operating officer now directly owns 2,825,621 shares in the company, valued at $227,716,796.39. The trade was a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 578,665 shares of company stock worth $31,561,763 over the last 90 days. Corporate insiders own 16.04% of the company's stock.

Credo Technology Group Trading Down 3.2 %

NASDAQ:CRDO traded down $1.20 during trading hours on Friday, hitting $36.52. The company's stock had a trading volume of 2,408,216 shares, compared to its average volume of 3,502,990. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69. The stock has a market capitalization of $6.20 billion, a P/E ratio of -243.47 and a beta of 2.30. The stock has a fifty day moving average of $49.32 and a 200-day moving average of $54.45.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Mizuho reduced their target price 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. Stifel Nicolaus decreased their target price on shares of Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a research report on Thursday. Needham & Company LLC reiterated a "buy" rating and set a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Barclays upped 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. Finally, Susquehanna upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $73.50.

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.