Carnegie Investment Counsel Has $15.49 Million Position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Carnegie Investment Counsel increased its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 24.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 385,696 shares of the company's stock after acquiring an additional 76,616 shares during the period. Carnegie Investment Counsel owned approximately 0.23% of Credo Technology Group worth $15,490,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CRDO. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Credo Technology Group in the first quarter worth approximately $27,000. Optimum Investment Advisors bought a new stake in shares of Credo Technology Group in the 1st quarter worth $52,000. Larson Financial Group LLC lifted its holdings in shares of Credo Technology Group by 21.5% in the first quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock valued at $56,000 after buying an additional 245 shares during the period. Quarry LP bought a new position in Credo Technology Group during the fourth quarter valued at about $58,000. Finally, CIBC Private Wealth Group LLC grew its holdings in Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock worth $75,000 after acquiring an additional 348 shares during the period. Institutional investors and hedge funds own 80.46% of the company's stock.

Insider Activity

In other news, CTO Chi Fung Cheng sold 59,641 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $74.96, for a total value of $4,470,689.36. Following the completion of the sale, the chief technology officer directly owned 7,603,961 shares of the company's stock, valued at $569,992,916.56. This represents a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lip Bu Tan sold 171,473 shares of the business's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the transaction, the director directly owned 613,725 shares in the company, valued at $47,809,177.50. The trade was a 21.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,078,139 shares of company stock worth $85,302,680. Company insiders own 16.04% of the company's stock.

Credo Technology Group Price Performance

NASDAQ CRDO traded up $0.05 on Friday, hitting $101.22. 2,303,405 shares of the stock were exchanged, compared to its average volume of 4,562,127. The company's 50-day moving average price is $81.73 and its two-hundred day moving average price is $64.39. Credo Technology Group Holding Ltd. has a 52-week low of $22.50 and a 52-week high of $104.35. The company has a market capitalization of $17.37 billion, a price-to-earnings ratio of 374.70, a P/E/G ratio of 1.82 and a beta of 2.57.

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

Analyst Ratings Changes

A number of brokerages have weighed in on CRDO. Cowen reissued a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Susquehanna boosted their target price on shares of Credo Technology Group from $90.00 to $115.00 and gave the stock a "positive" rating in a report on Tuesday. Barclays set a $85.00 target price on shares of Credo Technology Group and gave the stock an "overweight" rating in a report on Tuesday, June 3rd. Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Finally, Wall Street Zen downgraded Credo Technology Group from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. One investment analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $87.91.

Credo Technology Group Company 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.