Janney Montgomery Scott LLC Acquires Shares of 5,254 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Janney Montgomery Scott LLC purchased a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,254 shares of the company's stock, valued at approximately $353,000.

A number of other hedge funds also recently modified their holdings of CRDO. JPMorgan Chase & Co. grew its position in Credo Technology Group by 7.4% in the third 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 last quarter. Point72 Asset Management L.P. grew its position in Credo Technology Group by 73.6% in the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company's stock valued at $120,627,000 after acquiring an additional 1,660,230 shares during the last quarter. Swedbank AB grew its position 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 during the last quarter. Geode Capital Management LLC grew its position in Credo Technology Group by 5.7% in the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company's stock valued at $97,865,000 after acquiring an additional 170,412 shares during the last quarter. Finally, Wellington Management Group LLP grew its position 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 valued at $88,188,000 after acquiring an additional 705,512 shares during the last quarter. Institutional investors own 80.46% of the company's stock.

Insider Activity

In other news, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $48.57, for a total transaction of $2,671,350.00. Following the completion of the sale, the chief technology officer now owns 8,618,602 shares in the company, valued at $418,605,499.14. The trade was a 0.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 Monday, January 6th. The stock was sold at an average price of $76.09, for a total value of $11,413,500.00. Following the sale, the director now owns 1,113,725 shares of the company's stock, valued at $84,743,335.25. This trade represents a 11.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,305,679 shares of company stock worth $89,862,242 over the last quarter. 16.04% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Susquehanna assumed coverage on Credo Technology Group in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $80.00 target price on the stock. TD Cowen lifted their price target on Credo Technology Group from $45.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, December 3rd. Craig Hallum lifted their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, December 3rd. Needham & Company LLC lifted their price target on Credo Technology Group from $43.00 to $70.00 and gave the company a "buy" rating in a research note on Tuesday, December 3rd. Finally, Barclays lifted their price objective on Credo Technology Group from $80.00 to $90.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, Credo Technology Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $76.40.

Credo Technology Group Stock Up 0.3 %

CRDO traded up $0.22 during trading on Friday, hitting $70.70. The company's stock had a trading volume of 4,927,079 shares, compared to its average volume of 5,332,207. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69. The stock's fifty day moving average price is $72.08 and its 200-day moving average price is $48.93. The firm has a market capitalization of $11.82 billion, a P/E ratio of -471.33 and a beta of 2.09.

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.