Dimensional Fund Advisors LP Raises Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Dimensional Fund Advisors LP lifted its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 13.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,112,656 shares of the company’s stock after purchasing an additional 242,428 shares during the quarter. Dimensional Fund Advisors LP owned 1.28% of Credo Technology Group worth $67,473,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Credo Technology Group by 7.7% in the 1st quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company’s stock worth $319,202,000 after buying an additional 1,072,301 shares in the last quarter. Jennison Associates LLC increased its stake in Credo Technology Group by 1.9% during the first quarter. Jennison Associates LLC now owns 2,375,255 shares of the company’s stock worth $50,332,000 after acquiring an additional 45,396 shares during the last quarter. Wellington Management Group LLP purchased a new stake in Credo Technology Group during the fourth quarter valued at approximately $35,224,000. AMF Tjanstepension AB lifted its stake in shares of Credo Technology Group by 31.8% in the 1st quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock valued at $36,302,000 after purchasing an additional 413,149 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Credo Technology Group by 3.4% in the 1st quarter. Principal Financial Group Inc. now owns 1,631,832 shares of the company’s stock worth $34,579,000 after purchasing an additional 53,432 shares during the period. Institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on CRDO shares. Needham & Company LLC raised their price target on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. The Goldman Sachs Group upped their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a report on Friday, September 6th. Barclays raised their price objective on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Roth Mkm raised their price objective on shares of Credo Technology Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. Finally, Bank of America raised their price objective on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $34.00.

Insider Transactions at Credo Technology Group

In related news, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the transaction, the chief executive officer now directly owns 2,529,738 shares of the company’s stock, valued at $65,140,753.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $29.67, for a total value of $1,631,850.00. Following the completion of the sale, the chief technology officer now directly owns 9,003,602 shares in the company, valued at $267,136,871.34. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the completion of the sale, the chief executive officer now owns 2,529,738 shares of the company’s stock, valued at $65,140,753.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,036,190 shares of company stock valued at $31,153,347. 23.89% of the stock is currently owned by company insiders.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $31.45 on Friday. The firm has a market cap of $5.20 billion, a PE ratio of -174.72 and a beta of 2.26. The firm’s 50 day simple moving average is $29.44 and its 200-day simple moving average is $25.46. Credo Technology Group Holding Ltd has a one year low of $13.38 and a one year high of $36.80.

About Credo Technology Group

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.