Geode Capital Management LLC Purchases 170,412 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Geode Capital Management LLC raised its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 5.7% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 3,176,796 shares of the company’s stock after buying an additional 170,412 shares during the quarter. Geode Capital Management LLC’s holdings in Credo Technology Group were worth $97,865,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CRDO. Swedbank AB raised its position in 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 purchasing an additional 2,961,454 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in shares of Credo Technology Group by 73.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after buying an additional 1,660,230 shares in the last quarter. FMR LLC raised its holdings in shares of Credo Technology Group by 731.6% during the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company’s stock worth $35,493,000 after buying an additional 1,013,789 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of 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 worth $88,188,000 after buying an additional 705,512 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in 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 valued at $61,415,000 after acquiring an additional 368,518 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Trading Down 4.8 %

NASDAQ:CRDO opened at $66.46 on Thursday. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $78.97. The stock has a market capitalization of $11.11 billion, a price-to-earnings ratio of -443.07 and a beta of 2.26. The firm has a fifty day simple moving average of $48.93 and a two-hundred day simple moving average of $36.45.

Analyst Upgrades and Downgrades

CRDO has been the subject of a number of research analyst reports. TD Cowen upped their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Stifel Nicolaus restated a “buy” rating and set a $75.00 price objective (up from $50.00) on shares of Credo Technology Group in a research report on Tuesday, December 3rd. Barclays upped their target price on Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Susquehanna began coverage on shares of Credo Technology Group in a report on Tuesday. They set a “neutral” rating and a $80.00 price target for the company. Finally, Mizuho increased their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $68.60.

Insider Transactions at Credo Technology Group

In related news, insider James Laufman sold 20,000 shares of Credo Technology Group stock in a transaction on Friday, September 27th. The shares were sold at an average price of $31.36, for a total value of $627,200.00. Following the completion of the sale, the insider now owns 302,466 shares of the company’s stock, valued at approximately $9,485,333.76. This trade represents a 6.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $38.41, for a total transaction of $384,100.00. Following the transaction, the chief operating officer now owns 2,872,672 shares in the company, valued at approximately $110,339,331.52. The trade was a 0.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,276,120 shares of company stock valued at $49,535,455 in the last 90 days. 16.04% of the stock is currently owned by corporate insiders.

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.