LPL Financial LLC Has $3.29 Million Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

LPL Financial LLC lifted its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 37.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 48,936 shares of the company's stock after acquiring an additional 13,341 shares during the period. LPL Financial LLC's holdings in Credo Technology Group were worth $3,289,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Kestra Investment Management LLC bought a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $38,000. WASHINGTON TRUST Co bought a new position in Credo Technology Group during the 4th quarter worth $43,000. Principal Securities Inc. grew its stake in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock worth $45,000 after buying an additional 576 shares during the last quarter. Plato Investment Management Ltd bought a new stake in Credo Technology Group in the fourth quarter valued at $61,000. Finally, GAMMA Investing LLC boosted its holdings 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 valued at $65,000 after acquiring an additional 351 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction on Thursday, April 10th. The stock was sold at an average price of $38.78, for a total value of $2,132,900.00. Following the transaction, the chief technology officer now owns 7,883,602 shares of the company's stock, valued at approximately $305,726,085.56. This represents a 0.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of the firm's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $43.08, for a total value of $430,800.00. Following the sale, the chief operating officer now directly owns 2,792,447 shares of the company's stock, valued at approximately $120,298,616.76. This represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 716,875 shares of company stock valued at $41,998,100 over the last ninety days. Insiders own 16.04% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on CRDO shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Barclays raised their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. Bank of America reduced their price objective on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Susquehanna upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Finally, Stifel Nicolaus boosted their price target on Credo Technology Group from $75.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday, January 6th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Credo Technology Group presently has a consensus rating of "Buy" and an average target price of $74.60.

Credo Technology Group Stock Performance

NASDAQ CRDO traded up $0.47 on Tuesday, reaching $39.57. The company's stock had a trading volume of 393,729 shares, compared to its average volume of 3,487,482. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69. The firm's 50 day moving average is $51.73 and its two-hundred day moving average is $54.64. The stock has a market cap of $6.72 billion, a PE ratio of -263.70 and a beta of 2.30.

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.