Advisors Asset Management Inc. Has $145,000 Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Advisors Asset Management Inc. grew its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 11.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 4,722 shares of the company’s stock after purchasing an additional 478 shares during the period. Advisors Asset Management Inc.’s holdings in Credo Technology Group were worth $145,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Banque Cantonale Vaudoise grew its position in Credo Technology Group by 239.5% in the third quarter. Banque Cantonale Vaudoise now owns 14,247 shares of the company’s stock valued at $439,000 after acquiring an additional 10,051 shares during the last quarter. Swiss National Bank boosted its stake in shares of Credo Technology Group by 0.4% in the 3rd quarter. Swiss National Bank now owns 274,116 shares of the company’s stock valued at $8,443,000 after purchasing an additional 1,100 shares in the last quarter. Natixis Advisors LLC grew its holdings in shares of Credo Technology Group by 3.3% during the 3rd quarter. Natixis Advisors LLC now owns 28,833 shares of the company’s stock valued at $888,000 after purchasing an additional 934 shares during the last quarter. CloudAlpha Capital Management Limited Hong Kong grew its holdings in shares of Credo Technology Group by 58.2% during the 3rd quarter. CloudAlpha Capital Management Limited Hong Kong now owns 180,940 shares of the company’s stock valued at $5,573,000 after purchasing an additional 66,546 shares during the last quarter. Finally, Aigen Investment Management LP acquired a new position in Credo Technology Group during the 3rd quarter worth approximately $271,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $32.06, for a total value of $1,763,300.00. Following the completion of the sale, the chief technology officer now owns 9,113,602 shares in the company, valued at $292,182,080.12. The trade was a 0.60 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider James Laufman sold 20,000 shares of the stock in a transaction on Friday, September 27th. The stock was sold at an average price of $31.36, for a total transaction of $627,200.00. Following the transaction, the insider now directly owns 302,466 shares in the company, valued at approximately $9,485,333.76. This represents a 6.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,324,817 shares of company stock worth $43,552,936. Company insiders own 16.04% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CRDO shares. Stifel Nicolaus boosted their target price on shares of Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Mizuho increased their target price on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Barclays lifted their price target on Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Finally, Bank of America upped their price objective on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and an average target price of $36.56.

Credo Technology Group Price Performance

Shares of CRDO stock opened at $48.96 on Friday. The stock has a market capitalization of $8.13 billion, a PE ratio of -306.00 and a beta of 2.19. The business’s 50 day simple moving average is $39.24 and its 200 day simple moving average is $31.97. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $51.40.

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

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.