Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Acquired by Franklin Resources Inc.

Franklin Resources Inc. increased its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 17.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,037 shares of the company’s stock after purchasing an additional 11,065 shares during the quarter. Franklin Resources Inc.’s holdings in Credo Technology Group were worth $2,250,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of CRDO. Bank of New York Mellon Corp increased its position in Credo Technology Group by 62.7% during the second quarter. Bank of New York Mellon Corp now owns 654,773 shares of the company’s stock worth $20,913,000 after buying an additional 252,349 shares during the period. F M Investments LLC acquired a new position in shares of Credo Technology Group in the 2nd quarter valued at $638,000. Sumitomo Mitsui DS Asset Management Company Ltd purchased a new stake in Credo Technology Group in the 2nd quarter valued at $444,000. nVerses Capital LLC boosted its stake in Credo Technology Group by 2,633.3% during the 2nd quarter. nVerses Capital LLC now owns 8,200 shares of the company’s stock worth $262,000 after purchasing an additional 7,900 shares during the period. Finally, Natixis Advisors LLC grew its position in Credo Technology Group by 19.2% during the 2nd quarter. Natixis Advisors LLC now owns 27,899 shares of the company’s stock worth $891,000 after purchasing an additional 4,501 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Roth Mkm upped their target price on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Craig Hallum increased their price objective on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. TD Cowen boosted their target price on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Needham & Company LLC upped their price target on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $75.00 price objective (up from $50.00) on shares of Credo Technology Group in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and an average price target of $68.60.

Insider Buying and Selling

In other Credo Technology Group news, CFO Daniel W. Fleming sold 108,790 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $31.10, for a total transaction of $3,383,369.00. Following the completion of the sale, the chief financial officer now directly owns 676,386 shares in the company, valued at $21,035,604.60. This represents a 13.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $68.04, for a total value of $3,742,200.00. Following the completion of the transaction, the chief technology officer now owns 8,508,602 shares in the company, valued at approximately $578,925,280.08. This trade represents a 0.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,380,951 shares of company stock valued at $59,521,425. Insiders own 16.04% of the company’s stock.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $72.02 on Friday. The company has a 50-day simple moving average of $52.13 and a 200-day simple moving average of $37.97. The company has a market cap of $12.04 billion, a PE ratio of -480.13 and a beta of 2.26. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month 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.