Janus Henderson Group PLC Acquires 10,496 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Janus Henderson Group PLC raised its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 18.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 66,045 shares of the company's stock after buying an additional 10,496 shares during the quarter. Janus Henderson Group PLC's holdings in Credo Technology Group were worth $2,034,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Allworth Financial LP lifted its position in shares of Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company's stock valued at $26,000 after acquiring an additional 771 shares during the period. Arcadia Investment Management Corp MI acquired a new position in shares of Credo Technology Group during the second quarter valued at about $29,000. Rakuten Securities Inc. bought a new position in shares of Credo Technology Group during the 3rd quarter worth about $30,000. Fifth Third Bancorp grew its stake in shares of Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company's stock valued at $34,000 after buying an additional 400 shares during the period. Finally, Brown Brothers Harriman & Co. increased its position in Credo Technology Group by 695.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company's stock valued at $35,000 after buying an additional 1,001 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Trading Up 11.0 %

Shares of CRDO traded up $7.53 during trading hours on Friday, reaching $75.95. 6,691,557 shares of the stock traded hands, compared to its average volume of 2,443,352. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $76.53. The stock has a fifty day simple moving average of $46.69 and a 200 day simple moving average of $35.36. The company has a market cap of $12.70 billion, a price-to-earnings ratio of -506.33 and a beta of 2.26.

Wall Street Analysts Forecast Growth

CRDO has been the topic of several recent research reports. Needham & Company LLC increased their price target on Credo Technology Group from $43.00 to $70.00 and gave the stock a "buy" rating in a report on Tuesday, December 3rd. The Goldman Sachs Group increased their target price on Credo Technology Group from $31.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, December 4th. Craig Hallum boosted their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, December 3rd. Mizuho raised their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an "outperform" rating in a research note on Monday, October 14th. Finally, Roth Mkm boosted their target price on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a research report on Tuesday, October 22nd. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $67.33.

Insiders Place Their Bets

In other news, Director Lip Bu Tan sold 3,799 shares of Credo Technology Group stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.73, for a total transaction of $268,703.27. Following the sale, the director now directly owns 1,709,926 shares in the company, valued at $120,943,065.98. The trade was a 0.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $29.67, for a total transaction of $1,631,850.00. Following the transaction, the chief technology officer now owns 9,003,602 shares of the company's stock, valued at approximately $267,136,871.34. The trade was a 0.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,276,120 shares of company stock valued at $49,535,455 in the last 90 days. 16.04% of the stock is currently owned by corporate 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.