WASHINGTON TRUST Co Takes $43,000 Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

WASHINGTON TRUST Co acquired a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 640 shares of the company’s stock, valued at approximately $43,000.

A number of other hedge funds have also made changes to their positions in CRDO. Swedbank AB increased its holdings in shares of Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after acquiring an additional 2,961,454 shares during the last quarter. Point72 Asset Management L.P. increased its holdings 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 acquiring an additional 1,660,230 shares during the last quarter. FMR LLC increased its holdings in shares of Credo Technology Group by 731.6% during the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after acquiring an additional 1,013,789 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after acquiring an additional 909,578 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after acquiring an additional 705,512 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Trading Up 0.3 %

Shares of NASDAQ:CRDO opened at $70.70 on Friday. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $86.69. The firm has a market capitalization of $11.82 billion, a PE ratio of -471.33 and a beta of 2.09. The business’s 50 day moving average is $72.08 and its 200-day moving average is $49.09.

Insider Transactions at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 3,790 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total transaction of $265,034.70. Following the completion of the transaction, the chief financial officer now owns 652,666 shares in the company, valued at $45,640,933.38. This trade represents a 0.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $66.96, for a total value of $125,550.00. Following the transaction, the director now owns 5,902,402 shares of the company’s stock, valued at $395,224,837.92. This trade represents a 0.03 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,305,679 shares of company stock valued at $89,862,242. 16.04% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CRDO has been the topic of a number of research analyst reports. The Goldman Sachs Group raised their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Craig Hallum raised their target price on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. TD Cowen raised their target price on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Stifel Nicolaus raised their target price on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, Barclays raised their target price on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Credo Technology Group currently has an average rating of “Moderate Buy” and an average price target of $76.40.

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.