50,568 Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Bought by Oak Ridge Investments LLC

Oak Ridge Investments LLC purchased a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 50,568 shares of the company's stock, valued at approximately $3,399,000.

Other hedge funds also recently modified their holdings of the company. HB Wealth Management LLC acquired a new position in shares of Credo Technology Group in the fourth quarter valued at $262,000. Sara Bay Financial acquired a new position in shares of Credo Technology Group in the 4th quarter valued at $320,000. SeaCrest Wealth Management LLC lifted its holdings in shares of Credo Technology Group by 63.0% during the 4th quarter. SeaCrest Wealth Management LLC now owns 19,985 shares of the company's stock worth $1,343,000 after acquiring an additional 7,724 shares during the period. Friedenthal Financial bought a new position in shares of Credo Technology Group during the 4th quarter worth about $773,000. Finally, Harbour Capital Advisors LLC boosted its position in shares of Credo Technology Group by 10.1% during the 4th quarter. Harbour Capital Advisors LLC now owns 25,175 shares of the company's stock valued at $1,822,000 after acquiring an additional 2,300 shares in the last quarter. Institutional investors own 80.46% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CRDO. TD Cowen raised their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group increased their target price on Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a report on Friday, January 10th. Bank of America raised Credo Technology Group from an "underperform" rating to a "buy" rating and boosted their price target for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Stifel Nicolaus increased their price objective on Credo Technology Group from $75.00 to $80.00 and gave the stock a "buy" rating in a research note on Monday, January 6th. Finally, Mizuho boosted their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an "outperform" rating in a research note on Friday, January 10th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Credo Technology Group currently has an average rating of "Moderate Buy" and a consensus target price of $76.40.

Insiders Place Their Bets

In other news, Director Lip Bu Tan sold 150,000 shares of the business's stock in a transaction on Monday, January 6th. The stock was sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the completion of the sale, the director now owns 1,113,725 shares in the company, valued at $84,743,335.25. The trade was a 11.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Daniel W. Fleming sold 3,790 shares of the firm's stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $69.93, for a total value of $265,034.70. Following the completion of the transaction, the chief financial officer now owns 652,666 shares in the company, valued at approximately $45,640,933.38. This represents a 0.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,188,804 shares of company stock valued at $79,811,292 in the last 90 days. 16.04% of the stock is currently owned by insiders.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO traded up $4.42 during midday trading on Friday, reaching $80.02. The company's stock had a trading volume of 6,453,006 shares, compared to its average volume of 3,286,705. The business's fifty day simple moving average is $62.88 and its 200-day simple moving average is $43.16. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $82.00. The company has a market capitalization of $13.38 billion, a P/E ratio of -533.47 and a beta of 2.11.

About Credo Technology Group

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.