642,337 Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Purchased by Elemental Capital Partners LLC

Elemental Capital Partners LLC bought a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 642,337 shares of the company’s stock, valued at approximately $43,171,000. Credo Technology Group comprises about 40.4% of Elemental Capital Partners LLC’s investment portfolio, making the stock its biggest position. Elemental Capital Partners LLC owned approximately 0.38% of Credo Technology Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Swedbank AB boosted its position in shares of Credo Technology Group by 873.9% in the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares in the last quarter. Point72 Asset Management L.P. boosted its position in shares of Credo Technology Group by 73.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after purchasing an additional 1,660,230 shares in the last quarter. FMR LLC boosted its position 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 purchasing an additional 1,013,789 shares in the last quarter. JPMorgan Chase & Co. boosted its position 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 purchasing an additional 909,578 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Credo Technology Group by 32.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Insider Transactions at Credo Technology Group

In related news, Director Lip Bu Tan sold 150,000 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $76.09, for a total value of $11,413,500.00. Following the completion of the transaction, the director now owns 1,113,725 shares of the company’s stock, valued at approximately $84,743,335.25. This represents a 11.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $47.37, for a total transaction of $2,605,350.00. Following the completion of the transaction, the chief technology officer now directly owns 8,728,602 shares of the company’s stock, valued at $413,473,876.74. This represents a 0.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,360,679 shares of company stock worth $92,467,592 in the last three months. Corporate insiders own 16.04% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CRDO. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price target for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. TD Cowen boosted their price objective 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. Mizuho boosted their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Susquehanna started coverage on shares of Credo Technology Group in a report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price objective for the company. Finally, Roth Mkm boosted their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. One research 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, Credo Technology Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.40.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $79.59 on Thursday. The firm has a market capitalization of $13.31 billion, a price-to-earnings ratio of -530.60 and a beta of 2.09. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $86.69. The business has a fifty day moving average price of $70.22 and a 200-day moving average price of $46.85.

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.