Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Acquired by Rhumbline Advisers

Rhumbline Advisers raised its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 4.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 205,046 shares of the company's stock after buying an additional 9,615 shares during the period. Rhumbline Advisers owned about 0.12% of Credo Technology Group worth $8,235,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CRDO. Norges Bank bought a new position in Credo Technology Group in the 4th quarter valued at about $117,242,000. Alliancebernstein L.P. grew its position in shares of Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock valued at $117,011,000 after purchasing an additional 1,305,594 shares during the last quarter. Polar Capital Holdings Plc increased its stake in shares of Credo Technology Group by 382.1% during the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock worth $97,527,000 after purchasing an additional 1,150,084 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Credo Technology Group by 441.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock worth $65,594,000 after purchasing an additional 795,751 shares during the period. Finally, Bank of America Corp DE lifted its holdings in Credo Technology Group by 281.7% during the 4th quarter. Bank of America Corp DE now owns 391,446 shares of the company's stock worth $26,309,000 after purchasing an additional 606,850 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Price Performance

CRDO traded up $4.12 during trading on Thursday, hitting $75.76. 3,065,440 shares of the stock traded hands, compared to its average volume of 3,887,360. The firm has a 50-day moving average of $52.19 and a 200 day moving average of $58.88. Credo Technology Group Holding Ltd has a 12-month low of $22.50 and a 12-month high of $86.69. The firm has a market capitalization of $12.86 billion, a P/E ratio of -505.07 and a beta of 2.42.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.08. Credo Technology Group had a negative return on equity of 2.94% and a negative net margin of 9.70%. The business had revenue of $170.00 million for the quarter, compared to analysts' expectations of $159.59 million. During the same period in the previous year, the firm posted $0.07 EPS. The business's revenue was up 179.6% on a year-over-year basis. As a group, equities analysts predict that Credo Technology Group Holding Ltd will post 0.13 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on CRDO shares. TD Cowen raised their price objective on Credo Technology Group from $50.00 to $85.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Barclays set a $85.00 target price on Credo Technology Group and gave the company an "overweight" rating in a report on Tuesday, June 3rd. Susquehanna reiterated a "positive" rating and issued a $90.00 target price (up previously from $60.00) on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Finally, Needham & Company LLC lifted their price target on shares of Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Eleven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $78.60.

Insider Buying and Selling

In other news, insider James Laufman sold 8,000 shares of the firm's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $39.09, for a total value of $312,720.00. Following the completion of the sale, the insider now directly owns 271,725 shares of the company's stock, valued at $10,621,730.25. This trade represents a 2.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel W. Fleming sold 3,790 shares of the firm's stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $40.75, for a total transaction of $154,442.50. Following the completion of the sale, the chief financial officer now directly owns 608,602 shares of the company's stock, valued at approximately $24,800,531.50. The trade was a 0.62% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 679,594 shares of company stock worth $35,108,005 in the last three months. Insiders own 16.04% of the company's stock.

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.