Wells Fargo & Company MN Increases Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Wells Fargo & Company MN lifted its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 176.2% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 133,237 shares of the company's stock after buying an additional 85,006 shares during the quarter. Wells Fargo & Company MN owned approximately 0.08% of Credo Technology Group worth $8,955,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CRDO. Kestra Investment Management LLC bought a new position in shares of Credo Technology Group during the 4th quarter valued at approximately $38,000. WASHINGTON TRUST Co purchased a new position in shares of Credo Technology Group in the 4th quarter worth $43,000. Principal Securities Inc. increased 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 worth $45,000 after buying an additional 576 shares during the last quarter. Plato Investment Management Ltd purchased a new stake in shares of Credo Technology Group during the 4th quarter valued at about $61,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Credo Technology Group by 56.3% in the 4th 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 last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $37.29, for a total transaction of $2,050,950.00. Following the sale, the chief technology officer now owns 7,828,602 shares of the company's stock, valued at approximately $291,928,568.58. The trade was a 0.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $80.59, for a total value of $805,900.00. Following the completion of the transaction, the chief operating officer now owns 2,825,621 shares of the company's stock, valued at $227,716,796.39. The trade was a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 633,665 shares of company stock valued at $33,612,713. 16.04% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CRDO. Stifel Nicolaus decreased their price objective on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a research report on Thursday. 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. 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. Mizuho decreased their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Finally, Susquehanna raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research 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. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $73.50.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock traded down $1.20 on Friday, hitting $36.52. The company's stock had a trading volume of 2,408,216 shares, compared to its average volume of 3,508,314. The company has a market capitalization of $6.20 billion, a price-to-earnings ratio of -243.47 and a beta of 2.30. The firm has a fifty day moving average price of $49.32 and a 200-day moving average price of $54.45. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $86.69.

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.