Zacks Investment Management Acquires Shares of 18,057 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Zacks Investment Management bought a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 18,057 shares of the company’s stock, valued at approximately $1,214,000.

Several other institutional investors have also recently made changes to their positions in CRDO. Franklin Resources Inc. grew its stake in Credo Technology Group by 17.9% in the third quarter. Franklin Resources Inc. now owns 73,037 shares of the company’s stock worth $2,250,000 after purchasing an additional 11,065 shares during the period. Principal Financial Group Inc. grew its position in shares of Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after buying an additional 368,518 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after acquiring an additional 909,578 shares in the last quarter. GAMMA Investing LLC lifted its position in Credo Technology Group by 56.3% during the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after acquiring an additional 351 shares during the period. Finally, Everence Capital Management Inc. bought a new stake in Credo Technology Group during the fourth quarter worth about $252,000. Institutional investors own 80.46% of the company’s stock.

Insider Activity at Credo Technology Group

In related news, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $80.59, for a total transaction of $805,900.00. Following the sale, the chief operating officer now directly owns 2,825,621 shares of the company’s stock, valued at approximately $227,716,796.39. This represents a 0.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $37.29, for a total value of $2,050,950.00. Following the transaction, the chief technology officer now owns 7,828,602 shares in the company, valued at $291,928,568.58. This represents a 0.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 633,665 shares of company stock valued at $33,612,713 over the last 90 days. Insiders own 16.04% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Stifel Nicolaus decreased their target price on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating for the company in a research note on Thursday. Barclays raised their price objective on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Needham & Company LLC reissued a “buy” rating and issued a $80.00 target price on shares of Credo Technology Group in a report on Wednesday, March 5th. Bank of America cut their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Finally, Mizuho lowered their price target on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research report on Thursday, April 3rd. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Credo Technology Group presently has an average rating of “Buy” and a consensus target price of $73.50.

Credo Technology Group Stock Down 3.2 %

Shares of NASDAQ:CRDO opened at $36.52 on Friday. The business’s 50 day moving average is $48.58 and its 200 day moving average is $54.50. The stock has a market cap of $6.20 billion, a P/E ratio of -243.47 and a beta of 2.30. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69.

Credo Technology Group Company 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.