Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Bought by Carnegie Capital Asset Management LLC

Carnegie Capital Asset Management LLC increased its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 19.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 293,470 shares of the company's stock after purchasing an additional 47,650 shares during the quarter. Carnegie Capital Asset Management LLC owned 0.19% of Credo Technology Group worth $5,714,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Royal Bank of Canada purchased a new stake in Credo Technology Group during the first quarter valued at $26,000. Ameritas Investment Partners Inc. purchased a new stake in Credo Technology Group during the first quarter valued at $26,000. Advisors Asset Management Inc. increased its position in Credo Technology Group by 295.9% during the third quarter. Advisors Asset Management Inc. now owns 1,841 shares of the company's stock valued at $28,000 after acquiring an additional 1,376 shares during the last quarter. Altshuler Shaham Ltd purchased a new stake in Credo Technology Group during the fourth quarter valued at $40,000. Finally, UBS Group AG purchased a new stake in Credo Technology Group during the first quarter valued at $69,000. 80.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Craig Hallum upped their price target on Credo Technology Group from $28.00 to $30.00 and gave the stock a "buy" rating in a research report on Monday. Mizuho restated a "buy" rating and issued a $30.00 price target (up previously from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. The Goldman Sachs Group upped their price target on Credo Technology Group from $23.00 to $26.00 and gave the stock a "buy" rating in a research report on Wednesday, February 28th. Needham & Company LLC upped their price target on Credo Technology Group from $24.00 to $26.00 and gave the stock a "buy" rating in a research report on Wednesday, February 28th. Finally, TD Cowen upped their price target on Credo Technology Group from $20.00 to $24.00 and gave the stock a "market perform" rating in a research report on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $24.25.

Insider Activity at Credo Technology Group

In related news, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $19.09, for a total transaction of $190,900.00. Following the completion of the transaction, the chief operating officer now directly owns 3,088,198 shares of the company's stock, valued at $58,953,699.82. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CEO William Joseph Brennan sold 15,000 shares of the firm's stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $22.39, for a total value of $335,850.00. Following the completion of the sale, the chief executive officer now directly owns 3,112,500 shares of the company's stock, valued at approximately $69,688,875. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $19.09, for a total value of $190,900.00. Following the completion of the sale, the chief operating officer now directly owns 3,088,198 shares of the company's stock, valued at $58,953,699.82. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,097,198 shares of company stock valued at $45,424,564. Insiders own 23.89% of the company's stock.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO traded down $2.00 during trading on Monday, hitting $19.44. 2,749,047 shares of the company's stock were exchanged, compared to its average volume of 2,170,787. Credo Technology Group Holding Ltd has a 52-week low of $7.20 and a 52-week high of $23.90. The business's 50-day simple moving average is $21.53 and its 200 day simple moving average is $19.16. The company has a market cap of $3.17 billion, a price-to-earnings ratio of -84.52 and a beta of 1.97.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.01. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. The firm had revenue of $53.06 million during the quarter, compared to analysts' expectations of $51.91 million. During the same quarter last year, the business posted $0.02 earnings per share. The firm's revenue was down 2.2% on a year-over-year basis. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd will post -0.12 EPS for the current fiscal year.

Credo Technology Group Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.