Thrivent Financial for Lutherans Decreases Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Thrivent Financial for Lutherans lessened its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 34.6% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 28,289 shares of the company's stock after selling 14,972 shares during the period. Thrivent Financial for Lutherans' holdings in Credo Technology Group were worth $1,901,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of CRDO. Point72 Asset Management L.P. boosted its stake in shares of 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 worth $120,627,000 after acquiring an additional 1,660,230 shares during the period. FMR LLC boosted its stake in Credo Technology Group by 731.6% in the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company's stock worth $35,493,000 after purchasing an additional 1,013,789 shares during the period. JPMorgan Chase & Co. grew its holdings in Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock valued at $404,797,000 after buying an additional 909,578 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company's stock valued at $88,188,000 after buying an additional 705,512 shares during the last quarter. Finally, Elemental Capital Partners LLC purchased a new position in shares of Credo Technology Group in the fourth quarter worth $43,171,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

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Credo Technology Group Stock Performance

NASDAQ CRDO traded up $1.32 on Wednesday, hitting $43.04. 5,047,627 shares of the stock were exchanged, compared to its average volume of 3,364,037. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69. The firm has a market capitalization of $7.31 billion, a P/E ratio of -286.93 and a beta of 2.16. The stock has a fifty day moving average price of $58.13 and a two-hundred day moving average price of $54.03.

Wall Street Analyst Weigh In

CRDO has been the subject of several research analyst reports. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Mizuho raised their price objective on Credo Technology Group from $70.00 to $85.00 and gave the company an "outperform" rating in a research report on Friday, January 10th. Needham & Company LLC reiterated a "buy" rating and issued a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th. TD Cowen raised their price target on Credo Technology Group from $45.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, December 3rd. Finally, Craig Hallum upped their price objective on Credo Technology Group from $38.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, December 3rd. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $74.90.

Insider Buying and Selling

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $45.23, for a total transaction of $452,300.00. Following the completion of the sale, the chief operating officer now directly owns 2,802,447 shares of the company's stock, valued at $126,754,677.81. The trade was a 0.36 % decrease in their position. The sale 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 company's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $49.77, for a total transaction of $2,737,350.00. Following the completion of the sale, the chief technology officer now directly owns 8,048,602 shares of the company's stock, valued at $400,578,921.54. The trade was a 0.68 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,030,665 shares of company stock valued at $69,289,092. Company insiders own 16.04% of the company's stock.

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.