Canada Pension Plan Investment Board Has $16.94 Million Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Canada Pension Plan Investment Board lowered its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 17.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 530,400 shares of the company’s stock after selling 116,000 shares during the period. Canada Pension Plan Investment Board owned approximately 0.32% of Credo Technology Group worth $16,941,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Fifth Third Bancorp grew its position in shares of Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after buying an additional 400 shares during the period. CWM LLC increased its stake in Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after purchasing an additional 594 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new position in shares of Credo Technology Group during the second quarter valued at about $29,000. Advisors Asset Management Inc. boosted its position in shares of Credo Technology Group by 47.6% during the 1st quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock worth $81,000 after purchasing an additional 1,229 shares in the last quarter. Finally, Assetmark Inc. grew its stake in shares of Credo Technology Group by 30.1% in the 4th quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock valued at $106,000 after buying an additional 1,263 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $30.63, for a total value of $1,684,650.00. Following the completion of the transaction, the chief technology officer now owns 9,388,602 shares in the company, valued at approximately $287,572,879.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $27.69, for a total value of $276,900.00. Following the transaction, the chief operating officer now directly owns 2,885,840 shares in the company, valued at $79,908,909.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $30.63, for a total transaction of $1,684,650.00. Following the transaction, the chief technology officer now directly owns 9,388,602 shares of the company’s stock, valued at $287,572,879.26. The disclosure for this sale can be found here. Over the last three months, insiders sold 981,190 shares of company stock valued at $29,521,497. 23.89% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a report on Monday, September 16th. Roth Mkm increased their target price on Credo Technology Group from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Craig Hallum boosted their price target on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Bank of America raised their price objective on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th. Finally, The Goldman Sachs Group boosted their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Credo Technology Group currently has an average rating of “Moderate Buy” and an average target price of $34.00.

Credo Technology Group Stock Performance

NASDAQ:CRDO opened at $29.79 on Tuesday. Credo Technology Group Holding Ltd has a 52 week low of $13.38 and a 52 week high of $36.80. The firm has a 50-day moving average price of $29.50 and a two-hundred day moving average price of $25.33. The firm has a market cap of $4.92 billion, a price-to-earnings ratio of -165.50 and a beta of 2.26.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.