Wellington Management Group LLP Purchases New Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Wellington Management Group LLP purchased a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,809,120 shares of the company’s stock, valued at approximately $35,224,000. Wellington Management Group LLP owned 1.11% of Credo Technology Group at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Ghisallo Capital Management LLC bought a new stake in Credo Technology Group in the 4th quarter valued at $9,735,000. Assetmark Inc. boosted its stake in Credo Technology Group by 30.1% in the 4th quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock valued at $106,000 after purchasing an additional 1,263 shares during the period. Trexquant Investment LP bought a new stake in Credo Technology Group in the 4th quarter valued at $522,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Credo Technology Group during the 4th quarter valued at $892,000. Finally, Panagora Asset Management Inc. lifted its position in shares of Credo Technology Group by 16.1% during the 4th quarter. Panagora Asset Management Inc. now owns 559,211 shares of the company’s stock valued at $10,888,000 after acquiring an additional 77,543 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Credo Technology Group news, CEO William Joseph Brennan sold 15,000 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $17.15, for a total value of $257,250.00. Following the completion of the transaction, the chief executive officer now owns 2,962,500 shares of the company’s stock, valued at approximately $50,806,875. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO William Joseph Brennan sold 15,000 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $17.15, for a total value of $257,250.00. Following the completion of the sale, the chief executive officer now owns 2,962,500 shares of the company’s stock, valued at $50,806,875. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $28.99, for a total value of $1,594,450.00. Following the completion of the sale, the chief technology officer now directly owns 9,553,602 shares of the company’s stock, valued at approximately $276,958,921.98. The disclosure for this sale can be found here. Insiders sold a total of 713,193 shares of company stock valued at $15,314,176 in the last 90 days. Corporate insiders own 23.89% of the company’s stock.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $27.49 on Monday. Credo Technology Group Holding Ltd has a 52 week low of $13.38 and a 52 week high of $29.89. The stock has a fifty day moving average of $21.50 and a 200-day moving average of $20.97. The stock has a market capitalization of $4.49 billion, a P/E ratio of -152.72 and a beta of 2.20.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Wednesday, May 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). Credo Technology Group had a negative return on equity of 4.87% and a negative net margin of 14.70%. The firm had revenue of $60.78 million during the quarter, compared to analyst estimates of $60.50 million. On average, research analysts forecast that Credo Technology Group Holding Ltd will post 0.07 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Mizuho reiterated a “buy” rating and set a $30.00 target price (up from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. The Goldman Sachs Group upped their target price on Credo Technology Group from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. Bank of America reiterated an “underperform” rating and set a $22.00 target price (up from $21.00) on shares of Credo Technology Group in a research report on Thursday, May 30th. TD Cowen upped their target price on Credo Technology Group from $20.00 to $24.00 and gave the company a “market perform” rating in a research report on Wednesday, February 28th. Finally, Craig Hallum boosted their price target on Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Credo Technology Group presently has an average rating of “Moderate Buy” and an average target price of $26.88.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.