Orion Portfolio Solutions LLC Has $314,000 Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Orion Portfolio Solutions LLC increased its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 40.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 10,190 shares of the company’s stock after acquiring an additional 2,945 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in Credo Technology Group were worth $314,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in CRDO. Swedbank AB boosted its holdings in Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after acquiring an additional 2,961,454 shares during the last quarter. Point72 Asset Management L.P. boosted its holdings in Credo Technology Group by 73.6% in the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after acquiring an additional 1,660,230 shares during the last quarter. FMR LLC boosted its holdings in Credo Technology Group by 731.6% in the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after acquiring an additional 1,013,789 shares during the last quarter. Wellington Management Group LLP boosted its holdings in 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 acquiring an additional 705,512 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Credo Technology Group by 22.7% in the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after acquiring an additional 368,518 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Barclays increased their price target on Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price target for the stock from $27.00 to $80.00 in a report on Tuesday, December 3rd. The Goldman Sachs Group increased their price target on Credo Technology Group from $31.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Needham & Company LLC increased their price target on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Finally, Craig Hallum increased their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $68.60.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $29.67, for a total value of $1,631,850.00. Following the completion of the sale, the chief technology officer now directly owns 9,003,602 shares of the company’s stock, valued at approximately $267,136,871.34. This represents a 0.61 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00. Following the completion of the sale, the director now directly owns 2,638,725 shares of the company’s stock, valued at $80,481,112.50. The trade was a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,276,120 shares of company stock valued at $49,535,455 over the last ninety days. 16.04% of the stock is owned by company insiders.

Credo Technology Group Stock Down 4.8 %

Shares of NASDAQ:CRDO opened at $66.46 on Thursday. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $78.97. The stock’s 50 day moving average is $48.93 and its 200-day moving average is $36.45. The firm has a market capitalization of $11.11 billion, a price-to-earnings ratio of -443.07 and a beta of 2.26.

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.