77,903 Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Bought by Virtus Wealth Solutions LLC

Virtus Wealth Solutions LLC acquired a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 77,903 shares of the company's stock, valued at approximately $5,236,000. Credo Technology Group makes up about 1.2% of Virtus Wealth Solutions LLC's investment portfolio, making the stock its 18th biggest position.

Other institutional investors and hedge funds also recently modified their holdings of the company. Stifel Financial Corp lifted its holdings in Credo Technology Group by 436.3% during the 3rd quarter. Stifel Financial Corp now owns 127,573 shares of the company's stock worth $3,929,000 after buying an additional 103,785 shares during the last quarter. Orion Portfolio Solutions LLC boosted its holdings in Credo Technology Group by 40.6% during the third quarter. Orion Portfolio Solutions LLC now owns 10,190 shares of the company's stock valued at $314,000 after acquiring an additional 2,945 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in shares of Credo Technology Group in the third quarter valued at about $614,000. Geode Capital Management LLC lifted its position in shares of Credo Technology Group by 5.7% during the 3rd 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 during the last quarter. Finally, Franklin Resources Inc. grew its holdings in Credo Technology Group by 17.9% in the 3rd quarter. Franklin Resources Inc. now owns 73,037 shares of the company's stock valued at $2,250,000 after buying an additional 11,065 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CRDO. Bank of America lowered their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a research note on Wednesday, March 5th. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Needham & Company LLC restated a "buy" rating and set a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Barclays lifted their price objective on Credo Technology Group from $80.00 to $90.00 and gave the stock an "overweight" rating in a report on Friday, January 17th. Finally, Mizuho decreased their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research note on Thursday, April 3rd. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $73.50.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $80.59, for a total value of $805,900.00. Following the transaction, the chief operating officer now owns 2,825,621 shares in the company, valued at $227,716,796.39. The trade was a 0.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Daniel W. Fleming sold 3,790 shares of the business's stock in a transaction on Friday, April 11th. The stock was sold at an average price of $40.75, for a total transaction of $154,442.50. Following the sale, the chief financial officer now directly owns 608,602 shares in the company, valued at approximately $24,800,531.50. The trade was a 0.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 578,665 shares of company stock valued at $31,561,763 in the last three months. Corporate insiders own 16.04% of the company's stock.

Credo Technology Group Stock Down 2.2 %

Shares of NASDAQ:CRDO traded down $0.82 during midday trading on Thursday, reaching $36.90. The company had a trading volume of 1,286,450 shares, compared to its average volume of 3,492,737. The stock has a market cap of $6.27 billion, a PE ratio of -245.91 and a beta of 2.30. The business's 50 day moving average price is $50.13 and its 200 day moving average price is $54.41. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $86.69.

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.