Harbor Capital Advisors Inc. Purchases Shares of 43,802 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Harbor Capital Advisors Inc. purchased a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 43,802 shares of the company's stock, valued at approximately $1,759,000.

Several other hedge funds have also recently added to or reduced their stakes in CRDO. Norges Bank purchased a new position in Credo Technology Group in the 4th quarter worth approximately $117,242,000. Alliancebernstein L.P. increased its holdings 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 lifted its position in 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 buying an additional 1,150,084 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in 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 buying an additional 795,751 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in Credo Technology Group by 281.7% during the fourth quarter. Bank of America Corp DE now owns 391,446 shares of the company's stock worth $26,309,000 after buying an additional 606,850 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Mizuho reduced their price target on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a report on Thursday, April 3rd. Barclays set a $85.00 price objective on shares of Credo Technology Group and gave the stock an "overweight" rating in a research report on Tuesday, June 3rd. Stifel Nicolaus boosted their target price on shares of Credo Technology Group from $69.00 to $80.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Cowen reissued a "buy" rating on shares of Credo Technology Group in a research note 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 research report on Tuesday, June 3rd. Eleven investment 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, the company currently has a consensus rating of "Buy" and an average price target of $78.60.

Credo Technology Group Price Performance

Shares of CRDO stock traded down $0.85 during trading hours on Friday, hitting $73.49. The company had a trading volume of 4,558,877 shares, compared to its average volume of 3,911,899. The stock has a market capitalization of $12.48 billion, a PE ratio of -489.93 and a beta of 2.42. The company's fifty day moving average is $53.72 and its 200 day moving average is $59.25. Credo Technology Group Holding Ltd has a fifty-two week low of $22.50 and a fifty-two week high of $86.69.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $170.00 million for the quarter, compared to analysts' expectations of $159.59 million. During the same period in the prior year, the firm earned $0.07 earnings per share. The firm's revenue was up 179.6% compared to the same quarter last year. Equities analysts forecast that Credo Technology Group Holding Ltd will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of the business's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $77.35, for a total transaction of $293,156.50. Following the sale, the chief financial officer now directly owns 602,352 shares in the company, valued at $46,591,927.20. This represents a 0.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $47.29, for a total transaction of $2,600,950.00. Following the completion of the transaction, the chief technology officer now directly owns 8,103,602 shares of the company's stock, valued at approximately $383,219,338.58. The trade was a 0.67% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 679,594 shares of company stock valued at $35,108,005. Corporate insiders own 16.04% of the company's stock.

About Credo Technology Group

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.