Oak Ridge Investments LLC Invests $3.40 Million in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Oak Ridge Investments LLC acquired a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 50,568 shares of the company’s stock, valued at approximately $3,399,000.

A number of other large investors have also added to or reduced their stakes in CRDO. HB Wealth Management LLC bought a new position in shares of Credo Technology Group during the fourth quarter valued at $262,000. Sara Bay Financial bought a new stake in Credo Technology Group during the 4th quarter valued at about $320,000. SeaCrest Wealth Management LLC raised its holdings in Credo Technology Group by 63.0% in the fourth quarter. SeaCrest Wealth Management LLC now owns 19,985 shares of the company’s stock worth $1,343,000 after buying an additional 7,724 shares during the last quarter. Friedenthal Financial bought a new position in shares of Credo Technology Group in the fourth quarter worth approximately $773,000. Finally, Harbour Capital Advisors LLC grew its holdings in shares of Credo Technology Group by 10.1% during the fourth quarter. Harbour Capital Advisors LLC now owns 25,175 shares of the company’s stock valued at $1,822,000 after buying an additional 2,300 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 3,799 shares of the business’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $70.73, for a total value of $268,703.27. Following the sale, the director now owns 1,709,926 shares in the company, valued at $120,943,065.98. The trade was a 0.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $67.65, for a total value of $9,733,482.00. Following the transaction, the chief executive officer now owns 2,370,858 shares of the company’s stock, valued at $160,388,543.70. This represents a 5.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,188,804 shares of company stock valued at $79,811,292 over the last 90 days. Company insiders own 16.04% of the company’s stock.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $80.02 on Friday. 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. The company has a fifty day moving average of $62.88 and a 200 day moving average of $43.08.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CRDO shares. Barclays upped their price objective on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday. TD Cowen increased their price objective on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Roth Mkm lifted their price objective on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Mizuho upped 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. Finally, Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price target for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average price target of $76.40.

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.