Credo Technology Group Holding Ltd (NASDAQ:CRDO) Holdings Lowered by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC cut its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 13.7% in the 3rd quarter, HoldingsChannel reports. The fund owned 1,754,349 shares of the company’s stock after selling 279,392 shares during the period. Lord Abbett & CO. LLC’s holdings in Credo Technology Group were worth $54,034,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CRDO. Allworth Financial LP boosted its stake in Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new position in Credo Technology Group during the second quarter worth about $29,000. Rakuten Securities Inc. bought a new stake in Credo Technology Group in the third quarter worth about $30,000. Fifth Third Bancorp lifted its holdings in Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after acquiring an additional 400 shares during the last quarter. Finally, Brown Brothers Harriman & Co. grew its stake in shares of Credo Technology Group by 695.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after purchasing an additional 1,001 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on CRDO shares. Craig Hallum raised their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Roth Mkm lifted their target price on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Stifel Nicolaus reaffirmed a “buy” rating and set a $75.00 target price (up from $50.00) on shares of Credo Technology Group in a report on Tuesday, December 3rd. Barclays upped their price objective on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Finally, The Goldman Sachs Group boosted their price target on shares of Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $67.33.

Insider Activity at Credo Technology Group

In related news, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total value of $9,733,482.00. Following the completion of the sale, the chief executive officer now directly owns 2,370,858 shares in the company, valued at approximately $160,388,543.70. The trade was a 5.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel W. Fleming sold 108,790 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $31.10, for a total value of $3,383,369.00. Following the sale, the chief financial officer now directly owns 676,386 shares of the company’s stock, valued at $21,035,604.60. The trade was a 13.86 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,276,120 shares of company stock valued at $49,535,455. 16.04% of the stock is currently owned by corporate insiders.

Credo Technology Group Price Performance

Shares of CRDO stock opened at $75.95 on Friday. The firm has a market cap of $12.70 billion, a P/E ratio of -506.33 and a beta of 2.26. The stock’s 50-day moving average is $46.69 and its two-hundred day moving average is $35.46. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $76.53.

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.