Corebridge Financial Inc. Grows Stock Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Corebridge Financial Inc. raised its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 1.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 69,651 shares of the company’s stock after buying an additional 801 shares during the quarter. Corebridge Financial Inc.’s holdings in Credo Technology Group were worth $4,681,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CRDO. LPL Financial LLC raised its stake in Credo Technology Group by 37.5% in the 4th quarter. LPL Financial LLC now owns 48,936 shares of the company’s stock valued at $3,289,000 after acquiring an additional 13,341 shares during the period. KLP Kapitalforvaltning AS bought a new stake in shares of Credo Technology Group in the fourth quarter valued at approximately $1,922,000. Sei Investments Co. lifted its stake in shares of Credo Technology Group by 54.8% during the 4th quarter. Sei Investments Co. now owns 52,968 shares of the company’s stock valued at $3,560,000 after buying an additional 18,756 shares in the last quarter. Quantbot Technologies LP bought a new position in Credo Technology Group in the 4th quarter worth approximately $5,878,000. Finally, Mindset Wealth Management LLC purchased a new position in Credo Technology Group in the 4th quarter valued at approximately $225,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

CRDO has been the topic of several recent research reports. Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Barclays lifted their target price on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Bank of America lowered their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Mizuho boosted their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Finally, Craig Hallum increased their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group presently has a consensus rating of “Buy” and an average target price of $74.90.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the transaction, the director now directly owns 1,113,725 shares in the company, valued at $84,743,335.25. This trade represents a 11.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $73.26, for a total transaction of $7,326,000.00. Following the transaction, the chief operating officer now directly owns 200,000 shares in the company, valued at $14,652,000. This trade represents a 33.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,030,665 shares of company stock worth $69,289,092 over the last 90 days. Corporate insiders own 16.04% of the company’s stock.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $40.51 on Monday. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The firm’s fifty day moving average price is $60.57 and its 200-day moving average price is $53.92. The stock has a market cap of $6.88 billion, a P/E ratio of -270.07 and a beta of 2.16.

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.