223,989 Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC acquired a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 223,989 shares of the company's stock, valued at approximately $4,361,000. Allspring Global Investments Holdings LLC owned about 0.15% of Credo Technology Group as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. purchased a new position in shares of Credo Technology Group in the first quarter worth $332,000. JPMorgan Chase & Co. purchased a new position in Credo Technology Group in the 1st quarter worth about $205,000. Bank of New York Mellon Corp bought a new position in Credo Technology Group during the 1st quarter valued at about $1,748,000. BlackRock Inc. purchased a new stake in shares of Credo Technology Group during the 1st quarter valued at about $48,844,000. Finally, Vanguard Group Inc. bought a new stake in shares of Credo Technology Group in the first quarter worth approximately $29,191,000. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Price Performance

Shares of CRDO stock traded down $1.07 during trading hours on Friday, reaching $16.92. 2,217,165 shares of the company traded hands, compared to its average volume of 1,592,419. The firm has a 50-day moving average price of $21.28 and a 200 day moving average price of $19.18. The company has a market cap of $2.76 billion, a P/E ratio of -73.57 and a beta of 1.97. Credo Technology Group Holding Ltd has a 12-month low of $7.20 and a 12-month high of $23.90.

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

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Needham & Company LLC increased their price objective on shares of Credo Technology Group from $24.00 to $26.00 and gave the company a "buy" rating in a research report on Wednesday, February 28th. Craig Hallum raised their price target on Credo Technology Group from $28.00 to $30.00 and gave the stock a "buy" rating in a research note on Monday, April 15th. The Goldman Sachs Group lifted their price objective on Credo Technology Group from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Wednesday, February 28th. Mizuho reissued a "buy" rating and issued a $30.00 target price (up previously from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. Finally, TD Cowen boosted their price target on Credo Technology Group from $20.00 to $24.00 and gave the company a "market perform" rating in a research note on Wednesday, February 28th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Credo Technology Group has a consensus rating of "Moderate Buy" and an average price target of $24.25.

Insider Buying and Selling

In related news, CEO William Joseph Brennan sold 15,000 shares of the stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $19.16, for a total transaction of $287,400.00. Following the completion of the sale, the chief executive officer now owns 2,992,500 shares in the company, valued at $57,336,300. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO William Joseph Brennan sold 15,000 shares of the business's stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $19.16, for a total value of $287,400.00. Following the transaction, the chief executive officer now owns 2,992,500 shares of the company's stock, valued at $57,336,300. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel W. Fleming sold 17,500 shares of the firm's stock in a transaction on Monday, March 11th. The shares were sold at an average price of $21.45, for a total transaction of $375,375.00. Following the transaction, the chief financial officer now directly owns 606,634 shares of the company's stock, valued at $13,012,299.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,816,218 shares of company stock valued at $40,044,857. Company insiders own 23.89% of the company's stock.

Credo Technology Group Company 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.