Axiom Investors LLC DE Acquires Shares of 247,806 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Axiom Investors LLC DE bought a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 247,806 shares of the company’s stock, valued at approximately $16,655,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in CRDO. JPMorgan Chase & Co. raised its holdings in Credo Technology Group by 7.4% during the 3rd 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 last quarter. Point72 Asset Management L.P. lifted its stake in 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 during the period. Geode Capital Management LLC boosted its holdings in Credo Technology Group by 5.7% during the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after buying an additional 170,412 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Credo Technology Group by 32.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after acquiring an additional 705,512 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after acquiring an additional 368,518 shares during the period. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Down 4.5 %

NASDAQ:CRDO opened at $40.51 on Monday. The company has a market cap of $6.88 billion, a P/E ratio of -270.07 and a beta of 2.16. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69. The business has a 50 day moving average price of $60.57 and a two-hundred day moving average price of $53.92.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $69.22, for a total value of $4,153,200.00. Following the sale, the chief technology officer now owns 8,448,602 shares of the company’s stock, valued at approximately $584,812,230.44. The trade was a 0.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $11,413,500.00. Following the transaction, the director now directly owns 1,113,725 shares of the company’s stock, valued at $84,743,335.25. This trade represents a 11.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,030,665 shares of company stock worth $69,289,092. Insiders own 16.04% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CRDO shares. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Bank of America reduced their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Barclays increased their price target on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Finally, 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 report on Tuesday, December 3rd. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $74.90.

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.