JPMorgan Chase & Co. Has $27.73 Million Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Posted by on Jun 12th, 2023

JPMorgan Chase & Co. raised its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Rating) by 2,305.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,083,211 shares of the company’s stock after purchasing an additional 1,996,601 shares during the period. JPMorgan Chase & Co.’s holdings in Credo Technology Group were worth $27,728,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of CRDO. Assetmark Inc. lifted its holdings in shares of Credo Technology Group by 35.9% during the fourth quarter. Assetmark Inc. now owns 2,132 shares of the company’s stock worth $28,000 after buying an additional 563 shares in the last quarter. Royal Bank of Canada purchased a new stake in Credo Technology Group in the first quarter worth $26,000. Ameritas Investment Partners Inc. bought a new position in Credo Technology Group in the first quarter valued at about $26,000. ProShare Advisors LLC grew its holdings in Credo Technology Group by 16.7% during the 4th quarter. ProShare Advisors LLC now owns 12,405 shares of the company’s stock valued at $165,000 after buying an additional 1,777 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Credo Technology Group by 5.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 42,942 shares of the company’s stock worth $572,000 after purchasing an additional 2,234 shares during the period. 40.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 343,075 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $16.38, for a total transaction of $5,619,568.50. Following the completion of the transaction, the director now owns 677,646 shares of the company’s stock, valued at approximately $11,099,841.48. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CTO Chi Fung Cheng sold 2,800 shares of the stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $15.02, for a total transaction of $42,056.00. Following the completion of the transaction, the chief technology officer now directly owns 11,353,002 shares in the company, valued at approximately $170,522,090.04. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Lip Bu Tan sold 343,075 shares of the stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $16.38, for a total value of $5,619,568.50. Following the completion of the sale, the director now owns 677,646 shares of the company’s stock, valued at approximately $11,099,841.48. The disclosure for this sale can be found here. Insiders have sold a total of 1,096,934 shares of company stock valued at $15,933,639 over the last ninety days. Corporate insiders own 34.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on CRDO shares. Roth Mkm dropped their price target on Credo Technology Group from $20.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, February 15th. The Goldman Sachs Group decreased their price objective on shares of Credo Technology Group from $19.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, February 15th. Stifel Nicolaus boosted their price target on shares of Credo Technology Group from $14.00 to $17.00 in a research report on Thursday, June 1st. Needham & Company LLC increased their price objective on shares of Credo Technology Group from $15.00 to $17.00 in a research report on Thursday, June 1st. Finally, BNP Paribas initiated coverage on shares of Credo Technology Group in a report on Tuesday, February 28th. They set an “outperform” rating and a $13.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $14.11.

Credo Technology Group Trading Up 2.6 %

Shares of NASDAQ:CRDO opened at $16.48 on Monday. The stock has a market capitalization of $2.44 billion, a P/E ratio of -149.82 and a beta of 1.93. The stock’s 50-day moving average price is $10.25 and its 200-day moving average price is $12.05. Credo Technology Group Holding Ltd has a 12-month low of $7.20 and a 12-month high of $19.46.

Credo Technology Group (NASDAQ:CRDO – Get Rating) last issued its quarterly earnings data on Wednesday, May 31st. The company reported ($0.04) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.04). Credo Technology Group had a negative net margin of 8.98% and a negative return on equity of 1.96%. The business had revenue of $32.09 million during the quarter, compared to the consensus estimate of $31.00 million. During the same quarter in the prior year, the firm posted $0.02 earnings per share. As a group, research analysts predict that Credo Technology Group Holding Ltd will post -0.11 EPS for the current year.

Credo Technology Group Company Profile

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Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, Mainland China, Hong Kong, and internationally. Its products include integrated circuits, active electrical cables, and SerDes chiplets that are based on its serializer/deserializer and digital signal processor technologies.

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Institutional Ownership by Quarter for Credo Technology Group (NASDAQ:CRDO)

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