Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Purchased by New York State Common Retirement Fund

New York State Common Retirement Fund raised its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 11.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 60,821 shares of the company’s stock after acquiring an additional 6,147 shares during the quarter. New York State Common Retirement Fund’s holdings in Credo Technology Group were worth $4,088,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its holdings in shares of Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after acquiring an additional 909,578 shares during the last quarter. Point72 Asset Management L.P. raised its holdings 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 worth $120,627,000 after acquiring an additional 1,660,230 shares during the last quarter. Swedbank AB raised its holdings 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 worth $101,650,000 after acquiring an additional 2,961,454 shares during the last quarter. Geode Capital Management LLC raised its holdings 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 worth $97,865,000 after acquiring an additional 170,412 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings 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 worth $88,188,000 after acquiring an additional 705,512 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Trading Up 4.9 %

CRDO stock opened at $55.18 on Friday. The stock has a 50-day moving average price of $71.27 and a two-hundred day moving average price of $51.38. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69. The company has a market cap of $9.23 billion, a PE ratio of -367.87 and a beta of 2.09.

Insider Buying and Selling at Credo Technology Group

In other news, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the sale, the director now owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. This trade represents a 0.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $68.03, for a total value of $6,803,000.00. Following the completion of the sale, the chief operating officer now owns 400,000 shares of the company’s stock, valued at approximately $27,212,000. This trade represents a 20.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,405,679 shares of company stock valued at $95,975,242. Company insiders own 16.04% of the company’s stock.

Analyst Upgrades and Downgrades

CRDO has been the subject of a number of analyst reports. Mizuho boosted their price target on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their price objective for the company from $27.00 to $80.00 in a research report on Tuesday, December 3rd. The Goldman Sachs Group lifted their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, January 10th. TD Cowen lifted their price objective on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Finally, Barclays lifted their price objective on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $76.40.

About Credo Technology Group

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.