Allspring Global Investments Holdings LLC Buys 79,518 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Allspring Global Investments Holdings LLC increased its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 72,952.3% during the 4th quarter, Holdings Channel reports. The firm owned 79,627 shares of the company’s stock after acquiring an additional 79,518 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Credo Technology Group were worth $5,367,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CRDO. JPMorgan Chase & Co. lifted its holdings in shares of Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after purchasing an additional 909,578 shares during the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Credo Technology Group by 73.6% during 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 acquiring 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 3rd 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 during the last quarter. Geode Capital Management LLC boosted its stake in Credo Technology Group by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after purchasing an additional 170,412 shares in the last quarter. Finally, Wellington Management Group LLP grew its position in 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 purchasing an additional 705,512 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Mizuho lifted their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price target for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Stifel Nicolaus upped their target price on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Craig Hallum increased their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Finally, TD Cowen upped their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. One equities 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 currently has an average rating of “Moderate Buy” and a consensus target price of $76.40.

Insiders Place Their Bets

In other news, 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 directly owns 1,113,725 shares in the company, valued at $84,743,335.25. This represents a 11.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the sale, the chief executive officer now owns 2,370,858 shares of the company’s stock, valued at $160,388,543.70. This represents a 5.72 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,305,679 shares of company stock worth $89,862,242. Company insiders own 16.04% of the company’s stock.

Credo Technology Group Price Performance

CRDO opened at $71.76 on Thursday. The stock has a market cap of $12.00 billion, a P/E ratio of -478.40 and a beta of 2.09. The firm has a fifty day moving average price of $72.38 and a 200 day moving average price of $50.06. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year 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.