Credo Technology Group Holding Ltd. $CRDO Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. grew its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 18.3% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,699,456 shares of the company’s stock after purchasing an additional 1,190,522 shares during the period. JPMorgan Chase & Co.’s holdings in Credo Technology Group were worth $1,121,118,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Credo Technology Group by 2.7% in the 2nd quarter. Vanguard Group Inc. now owns 16,375,368 shares of the company’s stock valued at $1,516,195,000 after buying an additional 430,445 shares during the period. Geode Capital Management LLC increased its stake in Credo Technology Group by 4.7% during the second quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock worth $334,740,000 after purchasing an additional 163,305 shares during the period. Alliancebernstein L.P. boosted its stake in shares of Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after purchasing an additional 1,218,504 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Credo Technology Group by 63.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after purchasing an additional 589,151 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Credo Technology Group by 3.9% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,210,311 shares of the company’s stock worth $112,063,000 after buying an additional 45,249 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 3,902 shares of the business’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $140.15, for a total value of $546,865.30. Following the completion of the sale, the chief financial officer directly owned 446,178 shares of the company’s stock, valued at $62,531,846.70. The trade was a 0.87% 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, Director Sylvia Acevedo sold 2,200 shares of the company’s stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $159.18, for a total transaction of $350,196.00. Following the completion of the transaction, the director owned 18,545 shares of the company’s stock, valued at $2,951,993.10. This represents a 10.60% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 917,976 shares of company stock worth $136,567,647. 11.84% of the stock is owned by insiders.

Credo Technology Group Stock Performance

NASDAQ:CRDO opened at $121.44 on Tuesday. Credo Technology Group Holding Ltd. has a 1 year low of $29.09 and a 1 year high of $213.80. The stock has a market cap of $21.94 billion, a P/E ratio of 106.53 and a beta of 2.65. The stock has a 50-day simple moving average of $138.37 and a 200-day simple moving average of $143.26.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.18. The firm had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The firm’s revenue was up 272.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.07 earnings per share. On average, equities research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Wall Street Analyst Weigh In

CRDO has been the subject of several research reports. Weiss Ratings restated a “hold (c)” rating on shares of Credo Technology Group in a research note on Monday, December 29th. Needham & Company LLC restated a “buy” rating and set a $220.00 price target on shares of Credo Technology Group in a report on Tuesday, February 10th. Wolfe Research set a $240.00 price objective on Credo Technology Group in a research note on Tuesday, December 2nd. Mizuho boosted their price objective on Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 2nd. Finally, Susquehanna upped their target price on shares of Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a research note on Wednesday, October 22nd. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $212.69.

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.