Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Bought by First Trust Advisors LP

First Trust Advisors LP increased its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 3.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 183,870 shares of the company's stock after buying an additional 6,340 shares during the period. First Trust Advisors LP owned about 0.11% of Credo Technology Group worth $12,358,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CRDO. Kestra Investment Management LLC acquired a new position in shares of Credo Technology Group in the fourth quarter worth $38,000. WASHINGTON TRUST Co purchased a new position in Credo Technology Group in the fourth quarter valued at $43,000. Principal Securities Inc. grew its stake in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock worth $45,000 after purchasing an additional 576 shares in the last quarter. Plato Investment Management Ltd purchased a new stake in Credo Technology Group during the 4th quarter worth about $61,000. Finally, GAMMA Investing LLC raised its position in 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 purchasing an additional 351 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Trading Up 6.3 %

CRDO stock traded up $2.72 on Thursday, hitting $45.77. The company's stock had a trading volume of 1,745,258 shares, compared to its average volume of 3,562,105. Credo Technology Group Holding Ltd has a 1 year low of $16.91 and a 1 year high of $86.69. The stock has a market cap of $7.77 billion, a price-to-earnings ratio of -307.24 and a beta of 2.30. The firm has a 50 day moving average of $43.77 and a two-hundred day moving average of $54.89.

Insider Activity

In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $42.95, for a total value of $2,362,250.00. Following the sale, the chief technology officer now owns 7,718,602 shares of the company's stock, valued at $331,513,955.90. The trade was a 0.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Pantas Sutardja sold 1,875 shares of the business's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $66.96, for a total transaction of $125,550.00. Following the transaction, the director now owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. This trade represents a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 518,665 shares of company stock valued at $23,306,713. Insiders own 16.04% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CRDO. The Goldman Sachs Group upped their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research note on Friday, January 10th. Needham & Company LLC restated a "buy" rating and set a $80.00 target price on shares of Credo Technology Group in a research note on Wednesday, March 5th. Bank of America dropped their price target 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. Barclays reduced their price objective on shares of Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Finally, Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $71.50.

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.