Alliancebernstein L.P. Grows Stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Alliancebernstein L.P. raised its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 299.9% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,740,982 shares of the company’s stock after acquiring an additional 1,305,594 shares during the period. Alliancebernstein L.P.’s holdings in Credo Technology Group were worth $117,011,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in CRDO. Norges Bank purchased a new position in shares of Credo Technology Group during the fourth quarter worth about $117,242,000. Point72 Asset Management L.P. lifted 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 acquiring an additional 1,660,230 shares during the last quarter. FMR LLC grew its position in Credo Technology Group by 731.6% in the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock worth $35,493,000 after acquiring an additional 1,013,789 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after acquiring an additional 909,578 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in 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 purchasing an additional 705,512 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CRDO shares. Mizuho upped their price objective on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Needham & Company LLC restated a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Finally, Barclays boosted their target price on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Nine equities research 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, Credo Technology Group has a consensus rating of “Buy” and a consensus target price of $74.90.

Credo Technology Group Trading Up 3.2 %

Shares of NASDAQ CRDO opened at $43.04 on Thursday. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $86.69. The firm has a fifty day simple moving average of $58.13 and a two-hundred day simple moving average of $54.03. The firm has a market capitalization of $7.31 billion, a PE ratio of -286.93 and a beta of 2.16.

Insiders Place Their Bets

In related news, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $80.59, for a total transaction of $805,900.00. Following the completion of the transaction, the chief operating officer now directly owns 2,825,621 shares of the company’s stock, valued at $227,716,796.39. This trade represents a 0.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $76.09, for a total value of $11,413,500.00. Following the completion of the sale, the director now owns 1,113,725 shares in the company, valued at $84,743,335.25. The trade was a 11.87 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 970,665 shares of company stock worth $65,135,892. Company insiders own 16.04% of the company’s stock.

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.