20,050 Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Acquired by SlateStone Wealth LLC

SlateStone Wealth LLC purchased a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 20,050 shares of the company’s stock, valued at approximately $1,348,000.

A number of other institutional investors have also recently bought and sold shares of CRDO. JPMorgan Chase & Co. grew its holdings in Credo Technology Group by 7.4% during the third 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 during the period. Point72 Asset Management L.P. raised its position in shares of Credo Technology Group by 73.6% in 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 in the last quarter. Swedbank AB raised its position in shares of Credo Technology Group by 873.9% in 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 in the last quarter. Geode Capital Management LLC raised its position in shares of Credo Technology Group by 5.7% in 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 in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Credo Technology Group by 32.7% in 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 in the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Up 9.3 %

Shares of NASDAQ:CRDO opened at $49.15 on Monday. The company’s fifty day moving average is $66.23 and its 200 day moving average is $52.77. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69. The stock has a market cap of $8.35 billion, a PE ratio of -327.67 and a beta of 2.16.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CRDO. Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Needham & Company LLC reissued a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. Mizuho boosted their target price 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. Craig Hallum boosted their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, The Goldman Sachs Group upped their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $74.90.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $68.04, for a total transaction of $3,742,200.00. Following the transaction, the chief technology officer now owns 8,508,602 shares in the company, valued at $578,925,280.08. This represents a 0.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $69.93, for a total transaction of $265,034.70. Following the transaction, the chief financial officer now owns 652,666 shares in the company, valued at approximately $45,640,933.38. This trade represents a 0.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,190,496 shares of company stock worth $82,695,512 over the last 90 days. 16.04% of the stock is owned by company 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.