Kestra Investment Management LLC Makes New Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Kestra Investment Management LLC purchased a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 571 shares of the company’s stock, valued at approximately $38,000.

A number of other large investors have also bought and sold shares of the stock. JPMorgan Chase & Co. grew its holdings in shares of Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after buying an additional 909,578 shares during the last quarter. Point72 Asset Management L.P. grew its holdings 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 valued at $120,627,000 after buying an additional 1,660,230 shares during the last quarter. Swedbank AB grew its holdings in shares of Credo Technology Group by 873.9% during the third 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 grew its holdings in shares of 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 valued at $97,865,000 after buying an additional 170,412 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after buying an additional 705,512 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Mizuho lifted their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their price objective for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. TD Cowen boosted their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group boosted their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Finally, Needham & Company LLC boosted their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $76.40.

Credo Technology Group Stock Down 6.3 %

CRDO opened at $66.78 on Friday. The stock has a market cap of $11.17 billion, a price-to-earnings ratio of -445.20 and a beta of 2.09. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69. The company’s 50-day moving average price is $72.26 and its two-hundred day moving average price is $50.68.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $80.59, for a total value of $805,900.00. Following the transaction, the chief operating officer now directly owns 2,825,621 shares in the company, valued at $227,716,796.39. The trade was a 0.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lip Bu Tan sold 3,799 shares of the business’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.73, for a total transaction of $268,703.27. Following the completion of the transaction, the director now owns 1,709,926 shares in the company, valued at approximately $120,943,065.98. The trade was a 0.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,305,679 shares of company stock worth $89,862,242 over the last three months. 16.04% of the stock is currently owned by insiders.

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.