Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock Position Lifted by Cwm LLC

Cwm LLC lifted its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 105.7% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,787 shares of the company’s stock after purchasing an additional 1,432 shares during the quarter. Cwm LLC’s holdings in Credo Technology Group were worth $86,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Credo Technology Group by 11.3% during the fourth quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock valued at $272,414,000 after buying an additional 1,420,664 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. bought a new position in Credo Technology Group during the first quarter valued at about $319,000. Capstone Investment Advisors LLC bought a new position in Credo Technology Group during the first quarter valued at about $2,732,000. Jennison Associates LLC boosted its stake in Credo Technology Group by 1.9% during the first quarter. Jennison Associates LLC now owns 2,375,255 shares of the company’s stock valued at $50,332,000 after buying an additional 45,396 shares in the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in Credo Technology Group during the first quarter valued at about $547,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Trading Up 0.4 %

Shares of Credo Technology Group stock opened at $39.18 on Friday. The stock has a 50-day moving average price of $32.68 and a 200 day moving average price of $27.61. The company has a market cap of $6.47 billion, a P/E ratio of -217.67 and a beta of 2.24. Credo Technology Group Holding Ltd has a 1 year low of $13.38 and a 1 year high of $40.37.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data 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). Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. The business had revenue of $59.71 million during the quarter, compared to analysts’ expectations of $59.50 million. On average, equities analysts forecast that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CRDO shares. Roth Mkm raised their target price on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. 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. TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Barclays increased their price target on Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. Finally, Stifel Nicolaus increased their price target on Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.56.

Insider Transactions at Credo Technology Group

In other news, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $27.67, for a total transaction of $276,700.00. Following the completion of the sale, the chief operating officer now directly owns 2,807,777 shares of the company’s stock, valued at $77,691,189.59. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the transaction, the director now owns 2,638,725 shares of the company’s stock, valued at approximately $80,481,112.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $27.67, for a total value of $276,700.00. Following the transaction, the chief operating officer now directly owns 2,807,777 shares in the company, valued at approximately $77,691,189.59. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,444,817 shares of company stock valued at $45,913,586 in the last three months. Corporate insiders own 23.89% of the company’s stock.

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.