Raymond James Financial Inc. bought a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 405,253 shares of the company's stock, valued at approximately $27,236,000. Raymond James Financial Inc. owned 0.24% of Credo Technology Group as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in shares of Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock valued at $404,797,000 after purchasing an additional 909,578 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Credo Technology Group by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company's stock worth $222,884,000 after buying an additional 138,686 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Credo Technology Group by 22.7% during the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company's stock valued at $61,415,000 after buying an additional 368,518 shares during the period. Norges Bank acquired a new stake in Credo Technology Group during the 4th quarter valued at approximately $117,242,000. Finally, Alliancebernstein L.P. grew its holdings in Credo Technology Group by 299.9% in the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock valued at $117,011,000 after buying an additional 1,305,594 shares in the last quarter. 80.46% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on CRDO shares. Needham & Company LLC restated a "buy" rating and set a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th. Stifel Nicolaus lowered their target price on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a report on Thursday. The Goldman Sachs Group boosted their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a report on Friday, January 10th. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Finally, Mizuho reduced their price objective on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research note on Thursday, April 3rd. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Credo Technology Group has an average rating of "Buy" and a consensus target price of $73.50.
Read Our Latest Research Report on Credo Technology Group
Credo Technology Group Stock Down 3.2 %
CRDO traded down $1.20 during midday trading on Friday, reaching $36.52. The company had a trading volume of 2,408,216 shares, compared to its average volume of 3,508,314. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $86.69. The business has a 50-day moving average of $48.58 and a two-hundred day moving average of $54.50. The company has a market cap of $6.20 billion, a P/E ratio of -243.47 and a beta of 2.30.
Insiders Place Their Bets
In other news, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $80.59, for a total value of $805,900.00. Following the sale, the chief operating officer now directly owns 2,825,621 shares in the company, valued at approximately $227,716,796.39. This trade represents a 0.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the transaction, the director now owns 5,902,402 shares of the company's stock, valued at $395,224,837.92. The trade was a 0.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 633,665 shares of company stock valued at $33,612,713 over the last 90 days. Insiders own 16.04% of the company's stock.
About Credo Technology Group
(
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.
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