Lord Abbett & CO. LLC reduced its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 23.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,349,462 shares of the company's stock after selling 404,887 shares during the period. Lord Abbett & CO. LLC owned approximately 0.81% of Credo Technology Group worth $90,697,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Kestra Investment Management LLC acquired a new stake in shares of Credo Technology Group in the fourth quarter valued at about $38,000. WASHINGTON TRUST Co acquired a new stake in Credo Technology Group in the fourth quarter valued at approximately $43,000. Principal Securities Inc. grew its position in Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company's stock valued at $45,000 after acquiring an additional 576 shares in the last quarter. Plato Investment Management Ltd purchased a new stake in shares of Credo Technology Group during the fourth quarter valued at approximately $61,000. Finally, GAMMA Investing LLC lifted its position in shares of Credo Technology Group by 56.3% during the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company's stock worth $65,000 after purchasing an additional 351 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.
Credo Technology Group Stock Performance
Shares of Credo Technology Group stock traded up $1.29 on Friday, reaching $43.68. 2,369,561 shares of the company were exchanged, compared to its average volume of 3,560,290. The firm has a market cap of $7.42 billion, a price-to-earnings ratio of -291.20 and a beta of 2.30. Credo Technology Group Holding Ltd has a 1-year low of $16.91 and a 1-year high of $86.69. The company's 50-day moving average is $45.38 and its two-hundred day moving average is $54.90.
Insiders Place Their Bets
In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $57.87, for a total value of $3,182,850.00. Following the sale, the chief technology officer now owns 8,213,602 shares of the company's stock, valued at $475,321,147.74. This trade represents a 0.67 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel W. Fleming sold 3,790 shares of the business's stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $40.75, for a total transaction of $154,442.50. Following the transaction, the chief financial officer now directly owns 608,602 shares of the company's stock, valued at $24,800,531.50. The trade was a 0.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 618,665 shares of company stock valued at $29,993,313 over the last three months. Company insiders own 16.04% of the company's stock.
Analysts Set New Price Targets
Several equities research analysts have issued reports on the company. Stifel Nicolaus dropped their price objective on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Barclays dropped their price target on shares of Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. The Goldman Sachs Group increased their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research note on Friday, January 10th. Bank of America dropped their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Finally, Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Credo Technology Group presently has an average rating of "Buy" and a consensus target price of $71.50.
Read Our Latest Report on CRDO
Credo Technology Group Profile
(
Free Report)
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.
Read More
Before you consider Credo Technology Group, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Credo Technology Group wasn't on the list.
While Credo Technology Group currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat just released its list of 10 cheap stocks that have been overlooked by the market and may be seriously undervalued. Enter your email address and below to see which companies made the list.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
