Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Purchased by Wesbanco Bank Inc.

Wesbanco Bank Inc. increased its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 25.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,535 shares of the company’s stock after purchasing an additional 4,000 shares during the period. Wesbanco Bank Inc.’s holdings in Credo Technology Group were worth $1,313,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Janney Montgomery Scott LLC purchased a new position in shares of Credo Technology Group in the fourth quarter worth $353,000. Finley Financial LLC purchased a new position in Credo Technology Group in the 4th quarter worth $173,000. Nisa Investment Advisors LLC lifted its position in Credo Technology Group by 8.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $225,000 after acquiring an additional 255 shares during the period. Oak Ridge Investments LLC purchased a new stake in Credo Technology Group during the 4th quarter valued at about $3,399,000. Finally, HB Wealth Management LLC acquired a new position in shares of Credo Technology Group in the fourth quarter valued at about $262,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $84.18 on Friday. The business has a fifty day moving average price of $65.04 and a 200 day moving average price of $44.15. The company has a market cap of $14.08 billion, a P/E ratio of -561.20 and a beta of 2.11. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $86.69.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CRDO shares. Stifel Nicolaus lifted their target price on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Roth Mkm upped their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Susquehanna initiated coverage on shares of Credo Technology Group in a report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 target price for the company. The Goldman Sachs Group upped their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Finally, Mizuho boosted their price objective on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $76.40.

Insider Activity

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $80.59, for a total value of $805,900.00. Following the completion of the sale, the chief operating officer now directly owns 2,825,621 shares in the company, valued at $227,716,796.39. This represents a 0.35 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Friday, November 8th. The stock was sold at an average price of $47.37, for a total value of $2,605,350.00. Following the transaction, the chief technology officer now owns 8,728,602 shares in the company, valued at approximately $413,473,876.74. This represents a 0.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,203,804 shares of company stock worth $83,293,192 over the last three months. Insiders own 16.04% of the company’s stock.

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.