Palumbo Wealth Management LLC Purchases New Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Palumbo Wealth Management LLC acquired a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 3,832 shares of the company’s stock, valued at approximately $258,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Point72 Hong Kong Ltd bought a new position in Credo Technology Group during the third quarter worth about $3,948,000. Wellington Management Group LLP raised its position in shares of Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after buying an additional 705,512 shares in the last quarter. Centiva Capital LP acquired a new stake in shares of Credo Technology Group in the third quarter valued at approximately $553,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Credo Technology Group by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after buying an additional 95,335 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Credo Technology Group by 94.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock worth $7,507,000 after buying an additional 118,169 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $70.70 on Friday. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $86.69. The company has a market cap of $11.82 billion, a price-to-earnings ratio of -471.33 and a beta of 2.09. The firm has a 50 day simple moving average of $72.08 and a 200 day simple moving average of $49.09.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $48.57, for a total transaction of $2,671,350.00. Following the sale, the chief technology officer now directly owns 8,618,602 shares of the company’s stock, valued at $418,605,499.14. The trade was a 0.63 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Daniel W. Fleming sold 12,504 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $48.48, for a total transaction of $606,193.92. Following the completion of the transaction, the chief financial officer now owns 656,456 shares of the company’s stock, valued at approximately $31,824,986.88. This trade represents a 1.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,305,679 shares of company stock worth $89,862,242. Corporate insiders own 16.04% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Susquehanna started coverage on Credo Technology Group in a research report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 target price for the company. Mizuho upped their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. TD Cowen boosted their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Stifel Nicolaus upped their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Finally, Roth Mkm lifted their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $76.40.

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.