Peregrine Investment Management Inc. purchased a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Free Report) in the 4th quarter, HoldingsChannel reports. The firm purchased 45,450 shares of the company’s stock, valued at approximately $6,540,000. Credo Technology Group makes up 4.1% of Peregrine Investment Management Inc.’s portfolio, making the stock its 17th largest holding.
A number of other institutional investors and hedge funds have also recently modified their holdings of CRDO. Bank of America Corp DE grew its stake in shares of Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after buying an additional 1,406,752 shares during the last quarter. Rafferty Asset Management LLC bought a new position in Credo Technology Group in the third quarter worth about $183,553,000. Alliancebernstein L.P. raised its stake in Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after buying an additional 1,218,504 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Credo Technology Group by 18.3% in the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock worth $1,121,118,000 after buying an additional 1,190,522 shares in the last quarter. Finally, Marshall Wace LLP grew its holdings in Credo Technology Group by 2,537.7% in the third quarter. Marshall Wace LLP now owns 1,150,000 shares of the company’s stock worth $167,452,000 after purchasing an additional 1,106,401 shares during the period. 80.46% of the stock is owned by institutional investors.
Credo Technology Group Price Performance
Credo Technology Group stock opened at $198.57 on Wednesday. The stock has a market cap of $36.63 billion, a price-to-earnings ratio of 110.32 and a beta of 3.17. Credo Technology Group Holding Ltd. has a 1 year low of $55.75 and a 1 year high of $213.80. The firm has a 50-day moving average of $135.15 and a two-hundred day moving average of $141.83.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on the stock. Zacks Research cut shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. Rothschild & Co Redburn initiated coverage on shares of Credo Technology Group in a research report on Friday, May 1st. They set a “buy” rating and a $206.00 price objective on the stock. Weiss Ratings downgraded shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, April 24th. The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $150.00 to $170.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Finally, Stifel Nicolaus set a $200.00 price target on shares of Credo Technology Group in a research report on Tuesday, March 3rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $207.71.
View Our Latest Analysis on Credo Technology Group
Insider Buying and Selling
In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the transaction, the chief technology officer owned 6,272,370 shares in the company, valued at approximately $737,630,712. This represents a 0.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the transaction, the chief executive officer owned 1,782,502 shares in the company, valued at $209,764,835.36. The trade was a 2.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 386,608 shares of company stock worth $50,371,351 in the last 90 days. 11.84% of the stock is currently owned by company insiders.
Credo Technology Group Profile
Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.
Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.
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