Panagora Asset Management Inc. Has $10.89 Million Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Panagora Asset Management Inc. boosted its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 16.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 559,211 shares of the company's stock after acquiring an additional 77,543 shares during the quarter. Panagora Asset Management Inc. owned 0.37% of Credo Technology Group worth $10,888,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the company. Quadrature Capital Ltd acquired a new position in shares of Credo Technology Group during the 3rd quarter valued at $166,000. Victory Capital Management Inc. acquired a new stake in Credo Technology Group in the third quarter valued at approximately $179,000. Glenmede Trust Co. NA purchased a new stake in shares of Credo Technology Group during the third quarter valued at approximately $215,000. Amalgamated Bank lifted its position in shares of Credo Technology Group by 9.7% during the fourth quarter. Amalgamated Bank now owns 16,449 shares of the company's stock worth $320,000 after purchasing an additional 1,454 shares in the last quarter. Finally, Handelsbanken Fonder AB purchased a new position in shares of Credo Technology Group in the fourth quarter valued at $339,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Price Performance

Shares of CRDO traded down $0.21 during mid-day trading on Friday, hitting $18.89. The company's stock had a trading volume of 1,262,671 shares, compared to its average volume of 1,714,125. Credo Technology Group Holding Ltd has a fifty-two week low of $9.84 and a fifty-two week high of $23.90. The stock has a market capitalization of $3.08 billion, a price-to-earnings ratio of -82.13 and a beta of 2.03. The firm has a 50-day moving average price of $19.56 and a 200 day moving average price of $19.62.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its earnings results on Tuesday, February 27th. The company reported $0.04 EPS for the quarter, beating 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 business had revenue of $53.06 million during the quarter, compared to the consensus estimate of $51.91 million. During the same period in the prior year, the business posted $0.02 earnings per share. Credo Technology Group's revenue was down 2.2% compared to the same quarter last year. As a group, equities analysts anticipate that Credo Technology Group Holding Ltd will post -0.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CRDO has been the topic of a number of recent analyst reports. Mizuho reaffirmed a "buy" rating and issued a $30.00 target price (up from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. Needham & Company LLC lifted their price target on Credo Technology Group from $24.00 to $26.00 and gave the stock a "buy" rating in a research note on Wednesday, February 28th. 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 report on Wednesday, February 28th. The Goldman Sachs Group raised their price objective on Credo Technology Group from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Wednesday, February 28th. Finally, Craig Hallum increased their target price on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, April 15th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. According to MarketBeat, Credo Technology Group currently has an average rating of "Moderate Buy" and an average target price of $24.25.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $17.43, for a total transaction of $958,650.00. Following the completion of the sale, the chief technology officer now directly owns 9,718,602 shares in the company, valued at $169,395,232.86. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $17.43, for a total transaction of $958,650.00. Following the completion of the sale, the chief technology officer now directly owns 9,718,602 shares in the company, valued at approximately $169,395,232.86. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William Joseph Brennan sold 15,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $20.55, for a total transaction of $308,250.00. Following the transaction, the chief executive officer now directly owns 3,082,500 shares in the company, valued at approximately $63,345,375. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,649,607 shares of company stock valued at $35,711,078. Company insiders own 23.89% of the company's stock.

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.