Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Acquired by Renaissance Technologies LLC

Renaissance Technologies LLC lifted its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 10.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 865,938 shares of the company’s stock after buying an additional 78,700 shares during the period. Renaissance Technologies LLC owned approximately 0.52% of Credo Technology Group worth $27,658,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its stake in shares of Credo Technology Group by 13.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company’s stock worth $67,473,000 after buying an additional 242,428 shares in the last quarter. Thornburg Investment Management Inc. lifted its stake in shares of Credo Technology Group by 7.0% in the second quarter. Thornburg Investment Management Inc. now owns 253,986 shares of the company’s stock worth $8,112,000 after buying an additional 16,659 shares in the last quarter. Emerald Advisers LLC lifted its stake in shares of Credo Technology Group by 4.0% in the second quarter. Emerald Advisers LLC now owns 1,507,019 shares of the company’s stock worth $48,134,000 after buying an additional 58,229 shares in the last quarter. Emerald Mutual Fund Advisers Trust lifted its stake in shares of Credo Technology Group by 9.7% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 1,222,442 shares of the company’s stock worth $39,045,000 after buying an additional 108,374 shares in the last quarter. Finally, Arcadia Investment Management Corp MI purchased a new position in shares of Credo Technology Group in the second quarter worth about $29,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $28.22, for a total transaction of $1,552,100.00. Following the completion of the transaction, the chief technology officer now owns 9,058,602 shares in the company, valued at approximately $255,633,748.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $28.22, for a total transaction of $1,552,100.00. Following the completion of the transaction, the chief technology officer now owns 9,058,602 shares in the company, valued at approximately $255,633,748.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the transaction, the chief executive officer now owns 2,529,738 shares of the company’s stock, valued at approximately $65,140,753.50. The disclosure for this sale can be found here. Insiders sold 981,190 shares of company stock worth $29,521,497 in the last 90 days. Corporate insiders own 23.89% of the company’s stock.

Credo Technology Group Stock Performance

Shares of CRDO stock opened at $28.98 on Friday. Credo Technology Group Holding Ltd has a fifty-two week low of $13.38 and a fifty-two week high of $36.80. The stock has a market capitalization of $4.79 billion, a P/E ratio of -161.00 and a beta of 2.26. The company has a 50 day moving average price of $29.60 and a 200 day moving average price of $25.17.

Analyst Ratings Changes

CRDO has been the topic of several research reports. Barclays raised their price target on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Bank of America lifted their target price on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research note on Thursday, September 5th. Craig Hallum lifted their target price on shares of Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. TD Cowen raised shares of Credo Technology Group to a “strong-buy” rating in a research note on Monday. Finally, Needham & Company LLC lifted their target price on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and an average target price of $34.00.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo 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 HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP.