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

JPMorgan Chase & Co. grew its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 7.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,142,773 shares of the company’s stock after acquiring an additional 909,578 shares during the quarter. JPMorgan Chase & Co. owned approximately 7.86% of Credo Technology Group worth $404,797,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in CRDO. Point72 Asset Management L.P. boosted its holdings in 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 purchasing an additional 1,660,230 shares during the period. Driehaus Capital Management LLC boosted its holdings in shares of Credo Technology Group by 3.1% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock valued at $121,097,000 after buying an additional 115,271 shares during the period. Swedbank AB grew its position in shares of Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after buying an additional 2,961,454 shares during the last quarter. Geode Capital Management LLC raised its stake in Credo Technology Group by 5.7% during the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after acquiring an additional 170,412 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after acquiring an additional 705,512 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Transactions 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 that occurred on Thursday, October 3rd. The stock was sold at an average price of $31.07, for a total value of $1,708,850.00. Following the completion of the sale, the chief technology officer now directly owns 8,948,602 shares in the company, valued at $278,033,064.14. This represents a 0.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00. Following the transaction, the director now owns 2,638,725 shares in the company, valued at approximately $80,481,112.50. This trade represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,380,951 shares of company stock valued at $59,521,425. Company insiders own 16.04% of the company’s stock.

Credo Technology Group Stock Down 3.8 %

Shares of CRDO opened at $69.29 on Friday. The firm has a market capitalization of $11.59 billion, a PE ratio of -461.93 and a beta of 2.26. The firm has a 50-day moving average price of $53.46 and a 200 day moving average price of $38.56. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $78.97.

Analyst Ratings Changes

Several research firms have recently commented on CRDO. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price target for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Mizuho increased their target price on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Barclays boosted their price target on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group increased their price objective on shares of Credo Technology Group from $31.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, TD Cowen lifted their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. One investment 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, the company presently has a consensus rating of “Moderate Buy” and an average target price of $68.60.

About Credo Technology Group

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.