JPMorgan Chase & Co. Cuts Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

JPMorgan Chase & Co. cut its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 23.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,034,885 shares of the company’s stock after selling 3,107,888 shares during the period. JPMorgan Chase & Co. owned about 6.00% of Credo Technology Group worth $674,445,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of CRDO. WINTON GROUP Ltd purchased a new position in Credo Technology Group during the fourth quarter worth about $315,000. Dudley Capital Management LLC purchased a new stake in shares of Credo Technology Group during the fourth quarter valued at approximately $306,000. Zevenbergen Capital Investments LLC lifted its holdings in Credo Technology Group by 30.9% during the fourth quarter. Zevenbergen Capital Investments LLC now owns 93,350 shares of the company’s stock worth $6,274,000 after acquiring an additional 22,025 shares during the period. Prudential Financial Inc. boosted its position in Credo Technology Group by 6.0% in the fourth quarter. Prudential Financial Inc. now owns 9,843 shares of the company’s stock worth $662,000 after purchasing an additional 560 shares during the last quarter. Finally, Corebridge Financial Inc. grew its stake in Credo Technology Group by 1.2% in the 4th quarter. Corebridge Financial Inc. now owns 69,651 shares of the company’s stock valued at $4,681,000 after purchasing an additional 801 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $69.52, for a total transaction of $6,952,000.00. Following the sale, the chief operating officer now owns 300,000 shares in the company, valued at approximately $20,856,000. This trade represents a 25.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 60,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $69.22, for a total transaction of $4,153,200.00. Following the completion of the transaction, the chief technology officer now owns 8,448,602 shares of the company’s stock, valued at $584,812,230.44. This trade represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,130,665 shares of company stock worth $76,241,092. 16.04% of the stock is currently owned by insiders.

Credo Technology Group Stock Performance

NASDAQ:CRDO opened at $40.51 on Friday. The firm has a market capitalization of $6.88 billion, a price-to-earnings ratio of -270.07 and a beta of 2.16. The stock has a fifty day moving average of $60.57 and a 200 day moving average of $53.53. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Bank of America cut their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. TD Cowen lifted their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. 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 research report on Friday, January 10th. Finally, Mizuho upped their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Credo Technology Group has an average rating of “Buy” and an average target price of $74.90.

Credo Technology Group 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.