Corient Private Wealth LLC Acquires Shares of 3,318 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Corient Private Wealth LLC bought a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 3,318 shares of the company’s stock, valued at approximately $223,000.

A number of other institutional investors have also modified their holdings of the stock. JPMorgan Chase & Co. grew its stake in Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after purchasing an additional 909,578 shares in the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of Credo Technology Group by 73.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after buying an additional 1,660,230 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Credo Technology Group by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after buying an additional 170,412 shares during the period. Wellington Management Group LLP grew its position in shares of Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after buying an additional 705,512 shares in the last quarter. Finally, 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. 80.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CRDO has been the topic of several recent research reports. Barclays increased their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Mizuho upped their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. The Goldman Sachs Group lifted their price objective 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. Stifel Nicolaus upped their target price on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Finally, TD Cowen increased their target price on Credo Technology Group from $45.00 to $75.00 and gave the company 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 given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $74.90.

Credo Technology Group Trading Up 3.9 %

NASDAQ CRDO opened at $41.72 on Wednesday. The firm’s fifty day simple moving average is $58.98 and its two-hundred day simple moving average is $54.10. The firm has a market capitalization of $7.08 billion, a P/E ratio of -278.13 and a beta of 2.16. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69.

Insider Transactions at Credo Technology Group

In related news, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $76.09, for a total value of $11,413,500.00. Following the completion of the transaction, the director now directly owns 1,113,725 shares of the company’s stock, valued at $84,743,335.25. This trade represents a 11.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $73.26, for a total transaction of $7,326,000.00. Following the completion of the sale, the chief operating officer now owns 200,000 shares of the company’s stock, valued at $14,652,000. This trade represents a 33.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,030,665 shares of company stock valued at $69,289,092 in the last quarter. 16.04% of the stock is currently owned by corporate insiders.

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.