Summit Global Investments Purchases Shares of 9,707 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Summit Global Investments bought a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 9,707 shares of the company's stock, valued at approximately $390,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Kestra Investment Management LLC acquired a new position in shares of Credo Technology Group during the 4th quarter worth approximately $38,000. WASHINGTON TRUST Co bought a new stake in Credo Technology Group during the fourth quarter worth $43,000. Principal Securities Inc. lifted its stake in Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company's stock valued at $45,000 after acquiring an additional 576 shares during the last quarter. Quarry LP acquired a new position in shares of Credo Technology Group during the 4th quarter worth about $58,000. Finally, Plato Investment Management Ltd bought a new stake in shares of Credo Technology Group in the 4th quarter valued at about $61,000. Institutional investors own 80.46% of the company's stock.

Analyst Ratings Changes

CRDO has been the subject of a number of research reports. Mizuho cut their target price on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research note on Thursday, April 3rd. Stifel Nicolaus lifted their price target on Credo Technology Group from $69.00 to $80.00 and gave the stock a "buy" rating in a report on Tuesday. Barclays upped their price objective on Credo Technology Group from $70.00 to $85.00 and gave the company an "overweight" rating in a report on Tuesday. TD Cowen increased their price objective on Credo Technology Group from $50.00 to $85.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, Bank of America reduced their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Credo Technology Group has a consensus rating of "Buy" and a consensus target price of $78.60.

Credo Technology Group Price Performance

CRDO traded up $9.27 on Tuesday, hitting $71.92. 22,619,436 shares of the stock were exchanged, compared to its average volume of 3,777,516. The firm has a market capitalization of $12.21 billion, a price-to-earnings ratio of -479.47 and a beta of 2.29. Credo Technology Group Holding Ltd has a 12 month low of $22.50 and a 12 month high of $86.69. The business has a 50-day moving average of $47.64 and a two-hundred day moving average of $57.70.

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

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the business's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $46.01, for a total transaction of $86,268.75. Following the sale, the director now owns 5,900,527 shares of the company's stock, valued at approximately $271,483,247.27. The trade was a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $49.77, for a total value of $2,737,350.00. Following the sale, the chief technology officer now directly owns 8,048,602 shares in the company, valued at approximately $400,578,921.54. This trade represents a 0.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 473,665 shares of company stock worth $19,795,531 over the last 90 days. 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.