Credo Technology Group Holding Ltd (NASDAQ:CRDO) Holdings Lifted by Assetmark Inc.

Assetmark Inc. increased its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 5.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,978 shares of the company’s stock after buying an additional 257 shares during the quarter. Assetmark Inc.’s holdings in Credo Technology Group were worth $153,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Allworth Financial LP grew its stake in Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new position in Credo Technology Group in the second quarter valued at about $29,000. Fifth Third Bancorp grew its stake in Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares in the last quarter. Covestor Ltd grew its stake in Credo Technology Group by 19,240.0% in the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after purchasing an additional 1,924 shares in the last quarter. Finally, CWM LLC grew its stake in Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after purchasing an additional 594 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $39.76 on Monday. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $48.94. The stock has a market capitalization of $6.60 billion, a PE ratio of -248.50 and a beta of 2.19. The stock has a 50-day simple moving average of $35.62 and a 200 day simple moving average of $30.12.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data 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). 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 for the quarter, compared to analyst estimates of $59.50 million. As a group, equities research analysts forecast that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CRDO shares. Craig Hallum boosted their price target on Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Roth Mkm boosted their price target on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Needham & Company LLC boosted their price target on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Stifel Nicolaus boosted their price target on Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, The Goldman Sachs Group boosted their price target on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report 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 company’s stock. According to data from MarketBeat, Credo Technology Group currently has an average rating of “Moderate Buy” and a consensus price target of $36.56.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $25.75, for a total value of $3,704,910.00. Following the completion of the transaction, the chief executive officer now 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 transaction 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 company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $47.37, for a total value of $2,605,350.00. Following the completion of the transaction, the chief technology officer now directly owns 8,728,602 shares of the company’s stock, valued at approximately $413,473,876.74. This trade represents a 0.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,324,817 shares of company stock valued at $43,552,936 in the last quarter. Corporate insiders own 16.04% of the company’s stock.

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.