3,832 Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Purchased by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC purchased a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,832 shares of the company's stock, valued at approximately $258,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Rhumbline Advisers lifted its stake in shares of Credo Technology Group by 11.7% during the 4th quarter. Rhumbline Advisers now owns 195,431 shares of the company's stock valued at $13,135,000 after buying an additional 20,537 shares in the last quarter. WASHINGTON TRUST Co purchased a new position in shares of Credo Technology Group in the fourth quarter valued at about $43,000. Vontobel Holding Ltd. grew its position in shares of Credo Technology Group by 3.4% during the fourth quarter. Vontobel Holding Ltd. now owns 19,584 shares of the company's stock worth $1,316,000 after purchasing an additional 635 shares in the last quarter. Legato Capital Management LLC purchased a new stake in shares of Credo Technology Group during the fourth quarter worth about $1,546,000. Finally, Allspring Global Investments Holdings LLC raised its stake in Credo Technology Group by 72,952.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 79,627 shares of the company's stock valued at $5,367,000 after purchasing an additional 79,518 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CRDO has been the subject of a number of research analyst reports. Bank of America raised shares of Credo Technology Group from an "underperform" rating to a "buy" rating and increased their price objective for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. Susquehanna initiated coverage on shares of Credo Technology Group in a report on Tuesday, December 17th. They issued a "neutral" rating and a $80.00 price target on the stock. Craig Hallum increased their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, December 3rd. The Goldman Sachs Group raised their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research report on Friday, January 10th. Finally, Roth Mkm boosted their target price on Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a research report on Tuesday, October 22nd. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $76.40.

Credo Technology Group Stock Performance

CRDO stock traded down $3.48 during midday trading on Wednesday, reaching $71.76. 3,554,053 shares of the company traded hands, compared to its average volume of 5,247,653. The firm has a market capitalization of $12.00 billion, a price-to-earnings ratio of -478.40 and a beta of 2.09. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69. The business has a 50 day moving average of $72.38 and a 200-day moving average of $50.06.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 143,880 shares of the firm's stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $67.65, for a total value of $9,733,482.00. Following the completion of the sale, the chief executive officer now owns 2,370,858 shares of the company's stock, valued at $160,388,543.70. This trade represents a 5.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of the company's stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $68.03, for a total value of $6,803,000.00. Following the transaction, the chief operating officer now directly owns 400,000 shares in the company, valued at approximately $27,212,000. This represents a 20.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,305,679 shares of company stock worth $89,862,242. Company insiders own 16.04% of the company's stock.

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.