Oak Ridge Investments LLC Takes $3.40 Million Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Oak Ridge Investments LLC acquired a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 50,568 shares of the company’s stock, valued at approximately $3,399,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Point72 Hong Kong Ltd bought a new stake in shares of Credo Technology Group during the 3rd quarter worth $3,948,000. Wellington Management Group LLP increased its position 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 purchasing an additional 705,512 shares during the last quarter. Centiva Capital LP purchased a new position in shares of Credo Technology Group during the 3rd quarter valued at about $553,000. Charles Schwab Investment Management Inc. lifted its position in Credo Technology Group by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after buying an additional 95,335 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Credo Technology Group by 94.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock worth $7,507,000 after buying an additional 118,169 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Stock Up 5.8 %

Shares of Credo Technology Group stock opened at $80.02 on Friday. The company has a market cap of $13.38 billion, a PE ratio of -533.47 and a beta of 2.11. The business has a 50 day moving average of $62.88 and a 200 day moving average of $43.08. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $82.00.

Wall Street Analyst Weigh In

Several research analysts have commented on CRDO shares. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their price target for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Stifel Nicolaus upped their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Roth Mkm lifted their price objective on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Needham & Company LLC boosted their target price on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Finally, The Goldman Sachs Group raised their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $76.40.

Insiders Place Their Bets

In other Credo Technology Group news, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the transaction, the chief executive officer now owns 2,370,858 shares in the company, valued at approximately $160,388,543.70. This represents a 5.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $39.24, for a total value of $2,158,200.00. Following the completion of the transaction, the chief technology officer now owns 8,838,602 shares of the company’s stock, valued at approximately $346,826,742.48. The trade was a 0.62 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,188,804 shares of company stock worth $79,811,292. 16.04% of the stock is currently owned by corporate insiders.

Credo Technology Group Profile

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.