Envestnet Asset Management Inc. Increases Stock Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Envestnet Asset Management Inc. lifted its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 14.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 73,634 shares of the company's stock after acquiring an additional 9,131 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Credo Technology Group were worth $4,949,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of CRDO. Kestra Investment Management LLC purchased a new stake in shares of Credo Technology Group during the fourth quarter worth approximately $38,000. WASHINGTON TRUST Co purchased a new stake in shares of Credo Technology Group in the 4th quarter valued at approximately $43,000. Principal Securities Inc. raised its holdings in shares of Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock valued at $45,000 after purchasing an additional 576 shares in the last quarter. Plato Investment Management Ltd purchased a new stake in shares of Credo Technology Group during the 4th quarter worth $61,000. Finally, GAMMA Investing LLC grew its stake in shares of Credo Technology Group by 56.3% during the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company's stock worth $65,000 after purchasing an additional 351 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $57.87, for a total transaction of $3,182,850.00. Following the completion of the sale, the chief technology officer now directly owns 8,213,602 shares of the company's stock, valued at $475,321,147.74. This represents a 0.67 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James Laufman sold 8,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $39.09, for a total value of $312,720.00. Following the completion of the transaction, the insider now owns 271,725 shares in the company, valued at $10,621,730.25. This trade represents a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 618,665 shares of company stock valued at $29,993,313. Insiders own 16.04% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CRDO. Mizuho decreased their price target on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a report on Thursday, April 3rd. The Goldman Sachs Group upped their price target on Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a report on Friday, January 10th. Needham & Company LLC reissued a "buy" rating and set a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Susquehanna upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Finally, Bank of America dropped their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a research report on Wednesday, March 5th. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $71.50.

Credo Technology Group Stock Up 3.0 %

NASDAQ:CRDO traded up $1.29 during trading hours on Friday, reaching $43.68. 2,369,561 shares of the company's stock were exchanged, compared to its average volume of 3,551,949. Credo Technology Group Holding Ltd has a 1-year low of $16.91 and a 1-year high of $86.69. The firm has a market capitalization of $7.42 billion, a price-to-earnings ratio of -291.20 and a beta of 2.30. The company has a 50-day moving average of $45.38 and a 200 day moving average of $54.76.

Credo Technology Group Company 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.