Cibc World Markets Corp Makes New $881,000 Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Cibc World Markets Corp purchased a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 4th quarter, HoldingsChannel.com reports. The fund purchased 13,111 shares of the company’s stock, valued at approximately $881,000.

A number of other hedge funds have also recently made changes to their positions in the company. Swedbank AB grew its position in 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 in the last quarter. Point72 Asset Management L.P. lifted its stake 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 buying an additional 1,660,230 shares in the last quarter. FMR LLC grew its holdings in shares of Credo Technology Group by 731.6% during the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after buying an additional 1,013,789 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Credo Technology Group by 7.4% during 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 in the last quarter. Finally, Wellington Management Group LLP raised its holdings in 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 worth $88,188,000 after acquiring an additional 705,512 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Trading Down 0.3 %

NASDAQ CRDO opened at $46.34 on Friday. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $86.69. The stock has a market cap of $7.87 billion, a price-to-earnings ratio of -308.93 and a beta of 2.16. The company’s 50 day moving average is $63.41 and its two-hundred day moving average is $52.91.

Insider Activity at Credo Technology Group

In related news, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $80.59, for a total transaction of $805,900.00. Following the sale, the chief operating officer now owns 2,825,621 shares of the company’s stock, valued at approximately $227,716,796.39. This trade represents a 0.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction of $11,413,500.00. Following the sale, the director now directly owns 1,113,725 shares of the company’s stock, valued at approximately $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 quarter, insiders have sold 1,065,665 shares of company stock worth $73,051,442. 16.04% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CRDO. The Goldman Sachs Group upped their price target on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Bank of America lowered their price target 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Stifel Nicolaus increased their target price on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, Mizuho upped their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $74.90.

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.