Envestnet Asset Management Inc. lessened its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 12.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,636 shares of the company's stock after selling 8,998 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Credo Technology Group were worth $2,596,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of CRDO. Mirae Asset Global Investments Co. Ltd. acquired a new position in Credo Technology Group during the first quarter worth $27,000. Quarry LP bought a new position in Credo Technology Group in the 4th quarter valued at approximately $58,000. CIBC Private Wealth Group LLC raised its holdings in 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 buying an additional 348 shares during the last quarter. GAMMA Investing LLC raised its holdings in Credo Technology Group by 103.5% during the 1st quarter. GAMMA Investing LLC now owns 1,982 shares of the company's stock worth $80,000 after purchasing an additional 1,008 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new stake in shares of Credo Technology Group in the 4th quarter valued at $82,000. Institutional investors own 80.46% of the company's stock.
Wall Street Analyst Weigh In
Several analysts recently issued reports on the stock. Susquehanna lifted their price target on shares of Credo Technology Group from $90.00 to $115.00 and gave the company a "positive" rating in a research report on Tuesday, July 22nd. Needham & Company LLC increased their target price on shares of Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. TD Cowen upped their price target on Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a research report on Wednesday, June 18th. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Finally, Mizuho lifted their price objective on Credo Technology Group from $81.00 to $98.00 and gave the company an "outperform" rating in a research report on Thursday, July 3rd. 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 company. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $87.91.
Check Out Our Latest Research Report on Credo Technology Group
Credo Technology Group Stock Down 1.9%
CRDO stock traded down $2.12 during midday trading on Friday, reaching $109.43. The company had a trading volume of 2,917,086 shares, compared to its average volume of 5,319,996. The stock has a 50 day moving average price of $85.53 and a 200 day moving average price of $65.35. Credo Technology Group Holding Ltd. has a fifty-two week low of $22.50 and a fifty-two week high of $118.95. The firm has a market capitalization of $18.78 billion, a PE ratio of 405.50, a P/E/G ratio of 2.08 and a beta of 2.57.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The firm had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. During the same quarter in the previous year, the business posted $0.07 earnings per share. The firm's quarterly revenue was up 179.6% compared to the same quarter last year. Research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.
Insiders Place Their Bets
In other Credo Technology Group news, CTO Chi Fung Cheng sold 59,641 shares of the business's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $74.96, for a total transaction of $4,470,689.36. Following the completion of the transaction, the chief technology officer owned 7,603,961 shares of the company's stock, valued at $569,992,916.56. The trade was a 0.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lip Bu Tan sold 171,473 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $47,809,177.50. This represents a 21.84% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,021,264 shares of company stock valued at $86,032,061. Company insiders own 16.04% of the company's stock.
Credo Technology Group Profile
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Free Report)
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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