Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Shares Acquired by Praxis Investment Management Inc.

Praxis Investment Management Inc. raised its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 280.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,250 shares of the company's stock after acquiring an additional 10,500 shares during the quarter. Praxis Investment Management Inc.'s holdings in Credo Technology Group were worth $572,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. Geode Capital Management LLC raised its holdings in shares of Credo Technology Group by 4.4% during the fourth quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company's stock valued at $222,884,000 after acquiring an additional 138,686 shares during the last quarter. Norges Bank acquired a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $117,242,000. Alliancebernstein L.P. raised its holdings in shares of Credo Technology Group by 299.9% during the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock valued at $117,011,000 after acquiring an additional 1,305,594 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Credo Technology Group by 49.5% during the fourth quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company's stock valued at $110,482,000 after acquiring an additional 543,940 shares during the last quarter. Finally, Two Sigma Investments LP raised its holdings in shares of Credo Technology Group by 55.3% during the fourth quarter. Two Sigma Investments LP now owns 1,515,268 shares of the company's stock valued at $101,841,000 after acquiring an additional 539,766 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $85.51 on Friday. The firm has a market capitalization of $14.52 billion, a price-to-earnings ratio of 316.70 and a beta of 2.42. Credo Technology Group Holding Ltd. has a fifty-two week low of $22.50 and a fifty-two week high of $86.88. The stock has a 50 day moving average of $58.05 and a 200 day moving average of $60.27.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a return on equity of 9.15% and a net margin of 11.95%. The business had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. During the same period in the previous year, the firm posted $0.07 earnings per share. The company's revenue was up 179.6% on a year-over-year basis. Analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 54,297 shares of Credo Technology Group stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $86.38, for a total transaction of $4,690,174.86. Following the completion of the sale, the director now directly owns 559,428 shares of the company's stock, valued at $48,323,390.64. The trade was a 8.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider James Laufman sold 5,000 shares of Credo Technology Group stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $85.07, for a total value of $425,350.00. Following the sale, the insider now directly owns 249,346 shares of the company's stock, valued at $21,211,864.22. This trade represents a 1.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,013,891 shares of company stock worth $63,113,905. Company insiders own 16.04% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on CRDO. Bank of America cut their price target on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. Mizuho cut their price target on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a report on Thursday, April 3rd. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Barclays set a $85.00 price target on Credo Technology Group and gave the company an "overweight" rating in a report on Tuesday, June 3rd. Finally, Roth Capital set a $95.00 price target on Credo Technology Group and gave the company a "buy" rating in a report on Friday, June 13th. Twelve equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $81.00.

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.

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