ProShare Advisors LLC Grows Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

ProShare Advisors LLC grew its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 62.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 39,433 shares of the company’s stock after purchasing an additional 15,101 shares during the period. ProShare Advisors LLC’s holdings in Credo Technology Group were worth $2,650,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its stake in Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after purchasing an additional 909,578 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Credo Technology Group by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company’s stock worth $222,884,000 after buying an additional 138,686 shares during the period. Norges Bank bought a new stake in shares of Credo Technology Group in the 4th quarter valued at about $117,242,000. Alliancebernstein L.P. boosted its holdings in Credo Technology Group by 299.9% during the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock valued at $117,011,000 after acquiring an additional 1,305,594 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in Credo Technology Group by 49.5% during the 4th quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company’s stock valued at $110,482,000 after acquiring an additional 543,940 shares during the period. Institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Mizuho decreased their price target on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a research note on Thursday, April 3rd. Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Stifel Nicolaus dropped their price target on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Barclays cut their price target on shares of Credo Technology Group from $90.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Finally, Needham & Company LLC restated a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a research report on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of “Buy” and a consensus price target of $71.50.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the transaction, the chief operating officer now owns 1,000,000 shares in the company, valued at approximately $61,130,000. This represents a 9.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $48.02, for a total value of $2,641,100.00. Following the completion of the transaction, the chief technology officer now owns 7,663,602 shares of the company’s stock, valued at approximately $368,006,168.04. The trade was a 0.71% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 573,665 shares of company stock valued at $25,908,531. Company insiders own 16.04% of the company’s stock.

Credo Technology Group Trading Up 0.2%

Shares of Credo Technology Group stock opened at $62.11 on Wednesday. Credo Technology Group Holding Ltd has a 12-month low of $18.54 and a 12-month high of $86.69. The company has a market cap of $10.55 billion, a P/E ratio of -414.07 and a beta of 2.29. The company’s fifty day simple moving average is $44.97 and its two-hundred day simple moving average is $56.49.

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.