Credo Technology Group Holding Ltd (NASDAQ:CRDO) Position Boosted by Fmr LLC

Fmr LLC lifted its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 731.6% in the third quarter, Holdings Channel.com reports. The firm owned 1,152,361 shares of the company’s stock after acquiring an additional 1,013,789 shares during the quarter. Fmr LLC’s holdings in Credo Technology Group were worth $35,493,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its stake in Credo Technology Group by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after buying an additional 95,335 shares during the period. Los Angeles Capital Management LLC purchased a new position in shares of Credo Technology Group during the 3rd quarter valued at $565,000. Principal Financial Group Inc. increased its stake in shares of Credo Technology Group by 22.7% in the third 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 during the last quarter. Carnegie Investment Counsel increased its stake in shares of Credo Technology Group by 7.3% in the third quarter. Carnegie Investment Counsel now owns 312,000 shares of the company’s stock worth $9,610,000 after acquiring an additional 21,350 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Credo Technology Group by 4.2% during the third quarter. The Manufacturers Life Insurance Company now owns 1,768,737 shares of the company’s stock worth $54,477,000 after acquiring an additional 71,014 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Credo Technology Group news, insider James Laufman sold 20,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $31.36, for a total value of $627,200.00. Following the transaction, the insider now directly owns 302,466 shares of the company’s stock, valued at $9,485,333.76. The trade was a 6.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $48.57, for a total value of $2,671,350.00. Following the transaction, the chief technology officer now owns 8,618,602 shares of the company’s stock, valued at approximately $418,605,499.14. This trade represents a 0.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,193,441 shares of company stock valued at $41,362,270 in the last quarter. Insiders own 16.04% of the company’s stock.

Wall Street Analysts Forecast Growth

CRDO has been the topic of a number of recent research reports. Mizuho boosted their target price on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Craig Hallum boosted their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group raised their price objective on shares of Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Stifel Nicolaus reissued a “buy” rating and issued a $75.00 target price (up from $50.00) on shares of Credo Technology Group in a research report on Tuesday, December 3rd. Finally, Needham & Company LLC increased their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $67.33.

Credo Technology Group Trading Up 5.4 %

Shares of Credo Technology Group stock opened at $74.23 on Monday. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $75.32. The firm has a fifty day simple moving average of $42.84 and a 200-day simple moving average of $33.83. The stock has a market capitalization of $12.41 billion, a price-to-earnings ratio of -494.87 and a beta of 2.26.

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.