Charles Schwab Investment Management Inc. Has $35.01 Million Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Charles Schwab Investment Management Inc. grew its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 9.2% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 1,136,557 shares of the company’s stock after buying an additional 95,335 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.68% of Credo Technology Group worth $35,006,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Assetmark Inc. increased its stake in Credo Technology Group by 5.4% in the third quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after acquiring an additional 257 shares during the period. Fifth Third Bancorp grew its stake in Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after buying an additional 400 shares during the last quarter. Advisors Asset Management Inc. grew its stake in Credo Technology Group by 11.3% during the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock worth $145,000 after buying an additional 478 shares during the last quarter. CWM LLC grew its stake in Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after buying an additional 594 shares during the last quarter. Finally, US Bancorp DE grew its stake in Credo Technology Group by 4.2% during the third quarter. US Bancorp DE now owns 16,210 shares of the company’s stock worth $499,000 after buying an additional 649 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. TD Cowen upped their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday. Needham & Company LLC upped their target price on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday. Barclays upped their target price on shares of Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday. Roth Mkm upped their target price on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Finally, Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and upped their target price for the stock from $27.00 to $80.00 in a research report on Tuesday. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $63.56.

Insiders Place Their Bets

In other news, CFO Daniel W. Fleming sold 12,504 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $48.48, for a total transaction of $606,193.92. Following the completion of the sale, the chief financial officer now owns 656,456 shares of the company’s stock, valued at $31,824,986.88. This represents a 1.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William Joseph Brennan sold 143,880 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the sale, the chief executive officer now directly owns 2,529,738 shares of the company’s stock, valued at $65,140,753.50. This represents a 5.38 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,337,321 shares of company stock worth $45,067,180. Company insiders own 16.04% of the company’s stock.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $70.69 on Wednesday. The company’s 50 day simple moving average is $40.42 and its 200 day simple moving average is $32.73. The firm has a market capitalization of $11.74 billion, a P/E ratio of -471.27 and a beta of 2.26. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $72.30.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share 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 analyst estimates of $59.50 million. Credo Technology Group had a negative return on equity of 2.97% and a negative net margin of 9.70%. Sell-side analysts expect that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.

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.