Sei Investments Co. Has $1.53 Million Stock Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Sei Investments Co. lessened its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 56.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 47,815 shares of the company’s stock after selling 63,219 shares during the quarter. Sei Investments Co.’s holdings in Credo Technology Group were worth $1,527,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. AMF Tjanstepension AB raised its position in shares of Credo Technology Group by 31.8% during the first quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock worth $36,302,000 after purchasing an additional 413,149 shares during the period. Thornburg Investment Management Inc. raised its holdings in shares of Credo Technology Group by 37.1% in the first quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock valued at $5,029,000 after purchasing an additional 64,177 shares during the last quarter. Capstone Investment Advisors LLC bought a new stake in shares of Credo Technology Group in the first quarter worth $2,732,000. Swiss National Bank boosted its holdings in Credo Technology Group by 14.7% during the first quarter. Swiss National Bank now owns 254,416 shares of the company’s stock worth $5,391,000 after purchasing an additional 32,600 shares during the last quarter. Finally, Castleark Management LLC bought a new position in Credo Technology Group in the first quarter valued at $3,876,000. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Stock Up 5.4 %

Shares of NASDAQ:CRDO opened at $32.57 on Friday. Credo Technology Group Holding Ltd has a 12-month low of $13.38 and a 12-month high of $36.80. The business has a 50 day moving average of $29.64 and a 200-day moving average of $25.96. The stock has a market cap of $5.38 billion, a PE ratio of -180.94 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The firm had revenue of $59.71 million during the quarter, compared to the consensus estimate of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. Equities research analysts expect that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction dated 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 owns 2,638,725 shares in the company, valued at $80,481,112.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $30.62, for a total transaction of $306,200.00. Following the sale, the chief operating officer now directly owns 3,117,777 shares of the company’s stock, valued at approximately $95,466,331.74. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of the business’s stock in a transaction dated 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 transaction, the director now directly owns 2,638,725 shares of the company’s stock, valued at approximately $80,481,112.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,283,324 shares of company stock worth $38,724,677. Corporate insiders own 23.89% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Bank of America increased their price objective on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research note on Thursday, September 5th. Craig Hallum increased their price target on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Stifel Nicolaus boosted their price target on Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Needham & Company LLC upped their price objective on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. Finally, The Goldman Sachs Group raised their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, September 6th. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $34.00.

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.