Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Bought by Thornburg Investment Management Inc.

Thornburg Investment Management Inc. grew its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 7.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 253,986 shares of the company’s stock after purchasing an additional 16,659 shares during the period. Thornburg Investment Management Inc.’s holdings in Credo Technology Group were worth $8,112,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Emerald Advisers LLC lifted its holdings 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 valued at $48,134,000 after purchasing an additional 58,229 shares in the last quarter. Emerald Mutual Fund Advisers Trust lifted its holdings 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 valued at $39,045,000 after purchasing an additional 108,374 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new stake in shares of Credo Technology Group in the second quarter valued at $29,000. Arizona State Retirement System lifted its holdings in shares of Credo Technology Group by 9.7% in the second quarter. Arizona State Retirement System now owns 38,856 shares of the company’s stock valued at $1,241,000 after purchasing an additional 3,437 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of Credo Technology Group by 13.1% in the second quarter. Rhumbline Advisers now owns 181,973 shares of the company’s stock valued at $5,812,000 after purchasing an additional 21,132 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $26.65 on Thursday. The company has a market cap of $4.40 billion, a P/E ratio of -148.06 and a beta of 2.26. The stock’s 50-day moving average is $30.11 and its 200-day moving average is $24.94. Credo Technology Group Holding Ltd has a 52-week low of $13.38 and a 52-week high of $36.80.

Analysts Set New Price Targets

CRDO has been the subject of a number of research analyst reports. Stifel Nicolaus increased their target price on Credo Technology Group from $36.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Roth Mkm increased their price objective on Credo Technology Group from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Barclays increased their price objective on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Bank of America increased their price objective on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a report on Thursday, September 5th. Finally, Needham & Company LLC increased their price objective on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating and eight have issued a 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.

Insider Activity

In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $27.49, for a total value of $1,511,950.00. Following the sale, the chief technology officer now directly owns 9,498,602 shares of the company’s stock, valued at $261,116,568.98. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Lip Bu Tan sold 112,441 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $31.99, for a total value of $3,596,987.59. Following the completion of the sale, the director now owns 133,583 shares in the company, valued at $4,273,320.17. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $27.49, for a total transaction of $1,511,950.00. Following the completion of the sale, the chief technology officer now owns 9,498,602 shares of the company’s stock, valued at approximately $261,116,568.98. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 971,190 shares of company stock valued at $29,204,447. 23.89% of the stock is owned by insiders.

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.