Voloridge Investment Management LLC Acquires 8,335 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Voloridge Investment Management LLC lifted its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 0.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,285,072 shares of the company's stock after purchasing an additional 8,335 shares during the period. Voloridge Investment Management LLC owned about 0.77% of Credo Technology Group worth $86,370,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Proficio Capital Partners LLC bought a new stake in shares of Credo Technology Group during the 4th quarter worth $700,000. Pacer Advisors Inc. increased its holdings in Credo Technology Group by 30.2% in the 4th quarter. Pacer Advisors Inc. now owns 3,906 shares of the company's stock worth $263,000 after acquiring an additional 907 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Credo Technology Group by 3.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company's stock worth $79,289,000 after acquiring an additional 43,169 shares during the last quarter. Vontobel Holding Ltd. increased its holdings in Credo Technology Group by 3.4% in the 4th quarter. Vontobel Holding Ltd. now owns 19,584 shares of the company's stock worth $1,316,000 after acquiring an additional 635 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Credo Technology Group by 7.0% in the 4th quarter. Bank of New York Mellon Corp now owns 562,382 shares of the company's stock worth $37,798,000 after acquiring an additional 36,949 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Stock Performance

NASDAQ:CRDO opened at $61.96 on Tuesday. The firm has a market cap of $10.52 billion, a PE ratio of -413.07 and a beta of 2.29. Credo Technology Group Holding Ltd has a fifty-two week low of $18.54 and a fifty-two week high of $86.69. The business has a 50 day moving average price of $44.62 and a 200-day moving average price of $56.45.

Analyst Ratings Changes

Several brokerages recently weighed in on CRDO. Mizuho decreased their price objective on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a report on Thursday, April 3rd. Stifel Nicolaus decreased their price objective on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Susquehanna raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Bank of America reduced their target price on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $71.50.

Insider Activity

In other news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $49.77, for a total transaction of $2,737,350.00. Following the completion of the sale, the chief technology officer now owns 8,048,602 shares of the company's stock, valued at approximately $400,578,921.54. This represents a 0.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total value of $6,113,000.00. Following the sale, the chief operating officer now directly owns 1,000,000 shares of the company's stock, valued at approximately $61,130,000. This trade represents a 9.09% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 573,665 shares of company stock valued at $25,908,531. 16.04% of the stock is currently owned by company insiders.

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.

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