Credo Technology Group Holding Ltd (NASDAQ:CRDO) Position Increased by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 7.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,142,773 shares of the company’s stock after acquiring an additional 909,578 shares during the period. JPMorgan Chase & Co. owned about 0.08% of Credo Technology Group worth $404,797,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in CRDO. Swedbank AB boosted its stake in Credo Technology Group by 873.9% in the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares during the period. Point72 Asset Management L.P. boosted its position 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 buying an additional 1,660,230 shares during the period. FMR LLC grew its holdings in shares of Credo Technology Group by 731.6% during the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after buying an additional 1,013,789 shares in the last quarter. Wellington Management Group LLP raised its position in 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 period. Finally, Principal Financial Group Inc. lifted its stake in Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after acquiring an additional 368,518 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insiders Place Their Bets

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $68.03, for a total value of $6,803,000.00. Following the sale, the chief operating officer now owns 400,000 shares of the company’s stock, valued at $27,212,000. This trade represents a 20.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Lip Bu Tan sold 13,820 shares of Credo Technology Group stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $31.12, for a total value of $430,078.40. Following the completion of the transaction, the director now directly owns 2,849,905 shares in the company, valued at approximately $88,689,043.60. This represents a 0.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,380,951 shares of company stock valued at $59,521,425 over the last 90 days. 16.04% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CRDO. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and upped their target price for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. Craig Hallum upped their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Barclays lifted their target price on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Susquehanna initiated coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target on the stock. Finally, Needham & Company LLC lifted their price objective on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.60.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $69.29 on Friday. The stock has a market capitalization of $11.59 billion, a P/E ratio of -461.93 and a beta of 2.26. The business has a 50-day moving average of $53.46 and a two-hundred day moving average of $38.56. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $78.97.

Credo Technology Group Company 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.