Prescott Group Capital Management L.L.C. increased its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 25.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 50,000 shares of the company's stock after buying an additional 10,000 shares during the quarter. Prescott Group Capital Management L.L.C.'s holdings in Credo Technology Group were worth $2,008,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Larson Financial Group LLC grew its holdings in shares of Credo Technology Group by 21.5% in the 1st quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock valued at $56,000 after acquiring an additional 245 shares in the last quarter. CIBC Private Wealth Group LLC grew its holdings in shares of 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 acquiring an additional 348 shares in the last quarter. Calamos Advisors LLC grew its holdings in shares of Credo Technology Group by 3.1% in the 1st quarter. Calamos Advisors LLC now owns 17,369 shares of the company's stock valued at $698,000 after acquiring an additional 529 shares in the last quarter. Prudential Financial Inc. grew its holdings in Credo Technology Group by 6.0% during the fourth quarter. Prudential Financial Inc. now owns 9,843 shares of the company's stock worth $662,000 after purchasing an additional 560 shares during the period. Finally, KBC Group NV grew its holdings in Credo Technology Group by 11.7% during the first quarter. KBC Group NV now owns 6,324 shares of the company's stock worth $254,000 after purchasing an additional 663 shares during the period. Institutional investors own 80.46% of the company's stock.
Insider Buying and Selling at Credo Technology Group
In other Credo Technology Group news, CTO Chi Fung Cheng sold 59,641 shares of the company'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 sale, the chief technology officer owned 7,603,961 shares of the company's stock, valued at approximately $569,992,916.56. This represents a 0.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 owned 613,725 shares in the company, valued at $47,809,177.50. This represents a 21.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,023,139 shares of company stock valued at $82,940,430 over the last quarter. Company insiders own 16.04% of the company's stock.
Analyst Ratings Changes
A number of equities analysts recently commented on CRDO shares. Stifel Nicolaus lifted their price target on Credo Technology Group from $80.00 to $115.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Cowen reiterated a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Noble Financial upgraded Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Roth Capital set a $95.00 price target on Credo Technology Group and gave the stock a "buy" rating in a report on Friday, June 13th. Finally, Needham & Company LLC boosted their price objective on Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. One equities research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $87.91.
Get Our Latest Stock Report on CRDO
Credo Technology Group Stock Up 3.5%
Shares of NASDAQ:CRDO traded up $3.77 during trading on Tuesday, hitting $111.72. 2,909,617 shares of the company were exchanged, compared to its average volume of 5,328,519. The business's 50 day moving average is $83.47 and its 200-day moving average is $64.69. The company has a market capitalization of $19.18 billion, a P/E ratio of 413.93, a price-to-earnings-growth ratio of 1.82 and a beta of 2.57. Credo Technology Group Holding Ltd. has a 1-year low of $22.50 and a 1-year high of $112.67.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced 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. The company had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The company's revenue for the quarter was up 179.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.07 earnings per share. As a group, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.
Credo Technology Group Company Profile
(
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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