Orion Portfolio Solutions LLC Has $211,000 Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Orion Portfolio Solutions LLC trimmed its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 69.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,135 shares of the company's stock after selling 7,055 shares during the period. Orion Portfolio Solutions LLC's holdings in Credo Technology Group were worth $211,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CRDO. JPMorgan Chase & Co. raised its position in shares of Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock worth $404,797,000 after buying an additional 909,578 shares in the last quarter. Geode Capital Management LLC raised its holdings in Credo Technology Group by 5.7% during the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company's stock worth $97,865,000 after purchasing an additional 170,412 shares in the last quarter. Principal Financial Group Inc. lifted its position in Credo Technology Group by 22.7% in the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company's stock worth $61,415,000 after purchasing an additional 368,518 shares during the period. Norges Bank bought a new position in Credo Technology Group during the 4th quarter valued at $117,242,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Credo Technology Group by 3.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company's stock valued at $79,289,000 after purchasing an additional 43,169 shares during the period. Institutional investors own 80.46% of the company's stock.

Credo Technology Group Stock Up 1.9 %

CRDO traded up $0.74 during trading on Monday, hitting $39.46. The company's stock had a trading volume of 541,028 shares, compared to its average volume of 5,753,922. The firm's 50 day moving average price is $52.54 and its two-hundred day moving average price is $54.58. The stock has a market capitalization of $6.70 billion, a price-to-earnings ratio of -264.35 and a beta of 2.30. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $86.69.

Analysts Set New Price Targets

A number of analysts recently weighed in on CRDO shares. Mizuho reduced their target price on shares of 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 lifted 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. Stifel Nicolaus increased their price target on Credo Technology Group from $75.00 to $80.00 and gave the company a "buy" rating in a research report on Monday, January 6th. Bank of America reduced their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Finally, Susquehanna upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $74.60.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 60,000 shares of the stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $69.57, for a total transaction of $4,174,200.00. Following the sale, the chief technology officer now directly owns 8,328,602 shares of the company's stock, valued at $579,420,841.14. This represents a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Lip Bu Tan sold 150,000 shares of the company's stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $72.69, for a total value of $10,903,500.00. Following the transaction, the director now directly owns 963,725 shares in the company, valued at approximately $70,053,170.25. This represents a 13.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 721,875 shares of company stock worth $44,039,400 in the last 90 days. Corporate insiders own 16.04% of the company's stock.

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.