Envestnet Asset Management Inc. Has $4.95 Million Stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Envestnet Asset Management Inc. grew its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 14.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 73,634 shares of the company’s stock after purchasing an additional 9,131 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Credo Technology Group were worth $4,949,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Kestra Investment Management LLC purchased a new stake in Credo Technology Group in the 4th quarter valued at about $38,000. WASHINGTON TRUST Co purchased a new stake in shares of Credo Technology Group during the fourth quarter valued at approximately $43,000. Principal Securities Inc. lifted its holdings in Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after acquiring an additional 576 shares during the period. Plato Investment Management Ltd purchased a new position in Credo Technology Group in the fourth quarter worth $61,000. Finally, GAMMA Investing LLC grew its stake 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 during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insider Buying and Selling

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $66.96, for a total value of $125,550.00. Following the sale, the director now directly owns 5,902,402 shares in the company, valued at $395,224,837.92. This represents a 0.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction 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 transaction, the chief technology officer now owns 7,828,602 shares of the company’s stock, valued at $291,928,568.58. This trade represents a 0.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 563,665 shares of company stock valued at $27,972,613. Corporate insiders own 16.04% of the company’s stock.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $37.02 on Wednesday. Credo Technology Group Holding Ltd has a one year low of $16.91 and a one year high of $86.69. The firm has a market capitalization of $6.29 billion, a P/E ratio of -246.80 and a beta of 2.30. The business has a fifty day moving average price of $47.18 and a 200-day moving average price of $54.72.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CRDO. Bank of America cut 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 report on Wednesday, March 5th. Mizuho dropped their target price 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. Barclays decreased their price target on shares of Credo Technology Group from $90.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday. Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Finally, Stifel Nicolaus decreased their target price on Credo Technology Group from $85.00 to $69.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $71.50.

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.