Headlands Technologies LLC Acquires 6,630 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Headlands Technologies LLC boosted its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 94.9% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,614 shares of the company’s stock after acquiring an additional 6,630 shares during the quarter. Headlands Technologies LLC’s holdings in Credo Technology Group were worth $915,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. JPMorgan Chase & Co. raised 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 valued at $404,797,000 after purchasing an additional 909,578 shares in the last quarter. Point72 Asset Management L.P. raised its position in shares of Credo Technology Group by 73.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after buying an additional 1,660,230 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Credo Technology Group by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company’s stock worth $222,884,000 after acquiring an additional 138,686 shares during the last quarter. Wellington Management Group LLP grew its position in Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after acquiring an additional 705,512 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in Credo Technology Group by 22.7% in the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after acquiring an additional 368,518 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insider Buying and Selling at Credo Technology Group

In related news, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $45.23, for a total transaction of $452,300.00. Following the completion of the transaction, the chief operating officer now owns 2,802,447 shares in the company, valued at $126,754,677.81. This represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 60,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $80.57, for a total transaction of $4,834,200.00. Following the transaction, the chief technology officer now directly owns 8,268,602 shares in the company, valued at approximately $666,201,263.14. The trade was a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 970,665 shares of company stock valued at $65,135,892 in the last 90 days. Insiders own 16.04% of the company’s stock.

Credo Technology Group Trading Up 3.2 %

Shares of NASDAQ:CRDO opened at $43.04 on Thursday. The company has a 50-day moving average price of $58.13 and a 200-day moving average price of $54.03. The company has a market cap of $7.31 billion, a price-to-earnings ratio of -286.93 and a beta of 2.16. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $86.69.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CRDO shares. Mizuho upped their price objective on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Barclays lifted their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. Finally, Bank of America decreased their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $74.90.

About Credo Technology Group

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.