Allspring Global Investments Holdings LLC Acquires 29,620 Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Allspring Global Investments Holdings LLC boosted its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 37.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 109,247 shares of the company's stock after buying an additional 29,620 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.06% of Credo Technology Group worth $4,558,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. acquired a new position in Credo Technology Group during the 1st quarter worth about $27,000. Quarry LP acquired a new position in shares of Credo Technology Group in the 4th quarter valued at about $58,000. CIBC Private Wealth Group LLC lifted its stake in shares of Credo Technology Group by 51.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock valued at $75,000 after purchasing an additional 348 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in shares of Credo Technology Group in the 4th quarter valued at about $82,000. Finally, Ritter Daniher Financial Advisory LLC DE acquired a new position in shares of Credo Technology Group in the 4th quarter valued at about $87,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on CRDO shares. Mizuho boosted their price objective on Credo Technology Group from $81.00 to $98.00 and gave the company an "outperform" rating in a research note on Thursday, July 3rd. Stifel Nicolaus boosted their price objective on Credo Technology Group from $69.00 to $80.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Roth Capital set a $95.00 price objective on Credo Technology Group and gave the company a "buy" rating in a research note on Friday, June 13th. Susquehanna restated a "positive" rating and issued a $90.00 price target (up from $60.00) on shares of Credo Technology Group in a report on Tuesday, June 3rd. Finally, Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Twelve research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Credo Technology Group presently has an average rating of "Buy" and a consensus price target of $82.45.

Credo Technology Group Trading Up 4.5%

CRDO stock traded up $4.23 during trading on Wednesday, reaching $97.59. 6,822,589 shares of the stock were exchanged, compared to its average volume of 4,171,354. The firm's 50 day moving average is $71.66 and its 200 day moving average is $62.31. Credo Technology Group Holding Ltd. has a twelve month low of $22.50 and a twelve month high of $99.36. The firm has a market cap of $16.75 billion, a P/E ratio of 361.44, a price-to-earnings-growth ratio of 1.68 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. The firm had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The company's quarterly revenue was up 179.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.07 earnings per share. As a group, analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In other news, insider James Laufman sold 5,000 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $85.07, for a total value of $425,350.00. Following the completion of the sale, the insider directly owned 249,346 shares of the company's stock, valued at $21,211,864.22. This represents a 1.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $91.94, for a total value of $5,056,700.00. Following the completion of the sale, the chief technology officer directly owned 7,328,961 shares of the company's stock, valued at approximately $673,824,674.34. This trade represents a 0.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,141,139 shares of company stock valued at $80,876,813 over the last ninety days. 16.04% of the stock is currently owned by insiders.

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.