Alliancebernstein L.P. Has $117.01 Million Stock Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Alliancebernstein L.P. raised its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 299.9% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 1,740,982 shares of the company’s stock after acquiring an additional 1,305,594 shares during the period. Alliancebernstein L.P. owned approximately 1.04% of Credo Technology Group worth $117,011,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank acquired a new stake in Credo Technology Group in the 4th quarter valued at $117,242,000. Point72 Asset Management L.P. increased its position in shares of Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after acquiring an additional 1,660,230 shares in the last quarter. FMR LLC raised its holdings in shares of Credo Technology Group by 731.6% in the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company’s stock worth $35,493,000 after acquiring an additional 1,013,789 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after acquiring an additional 909,578 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after purchasing an additional 705,512 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $66.96, for a total transaction of $125,550.00. Following the sale, the director now owns 5,902,402 shares in the company, valued at $395,224,837.92. This represents a 0.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $45.23, for a total value of $452,300.00. Following the completion of the transaction, the chief operating officer now owns 2,802,447 shares of the company’s stock, valued at approximately $126,754,677.81. This trade represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 970,665 shares of company stock worth $65,135,892. 16.04% of the stock is owned by company insiders.

Credo Technology Group Trading Up 3.2 %

Shares of NASDAQ CRDO opened at $43.04 on Thursday. The firm has a market cap of $7.31 billion, a price-to-earnings ratio of -286.93 and a beta of 2.16. The stock has a fifty day simple moving average of $58.13 and a two-hundred day simple moving average of $54.03. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $86.69.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. The Goldman Sachs Group raised their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Bank of America lowered their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Barclays boosted their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Finally, Stifel Nicolaus lifted their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and an average price target of $74.90.

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.