Credo Technology Group Holding Ltd (NASDAQ:CRDO) Holdings Cut by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 23.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,034,885 shares of the company's stock after selling 3,107,888 shares during the quarter. JPMorgan Chase & Co. owned approximately 6.00% of Credo Technology Group worth $674,445,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Brown Brothers Harriman & Co. increased its stake in shares of Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company's stock worth $35,000 after acquiring an additional 1,001 shares during the period. Kestra Investment Management LLC purchased a new position in Credo Technology Group in the fourth quarter valued at about $38,000. WASHINGTON TRUST Co acquired a new stake in shares of Credo Technology Group during the 4th quarter valued at approximately $43,000. Principal Securities Inc. grew its holdings in shares of Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock worth $45,000 after acquiring an additional 576 shares during the period. Finally, Larson Financial Group LLC boosted its position in Credo Technology Group by 240.0% during the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company's stock worth $61,000 after purchasing an additional 1,399 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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Insiders Place Their Bets

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the company's stock in a transaction dated 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 sale, the chief operating officer now directly owns 2,825,621 shares of the company's stock, valued at approximately $227,716,796.39. This represents a 0.35 % decrease in their ownership of the stock. The transaction 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 Credo Technology Group stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $47.29, for a total transaction of $2,600,950.00. Following the completion of the transaction, the chief technology officer now directly owns 8,103,602 shares in the company, valued at approximately $383,219,338.58. This trade represents a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,030,665 shares of company stock worth $69,289,092. Insiders own 16.04% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Barclays raised their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. Mizuho increased their price target on Credo Technology Group from $70.00 to $85.00 and gave the stock an "outperform" rating in a research note on Friday, January 10th. Susquehanna upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. The Goldman Sachs Group raised their price target 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. Finally, TD Cowen raised their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, December 3rd. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $74.90.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock traded up $2.64 during trading hours on Wednesday, reaching $44.36. The company's stock had a trading volume of 1,892,345 shares, compared to its average volume of 3,345,538. The stock has a market cap of $7.53 billion, a P/E ratio of -295.49 and a beta of 2.16. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $86.69. The company's 50 day simple moving average is $58.98 and its 200 day simple moving average is $54.10.

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.