Price T. Rowe Associates, Inc. increased its stake in Credo Technology Group Holdings, Inc. (NASDAQ:CRDO – Free Report ) by 10.8% during the first quarter, according to the latest 13F filing with the Securities and Exchange Commission (SEC). The institutional investor now owns 69,997 shares of the company's stock, acquiring an additional 6,813 shares during the period. Price T. Rowe Associates, Inc.'s stake in Credo Technology Group was worth $1,484,000 at the end of the latest reporting period.
A number of other hedge funds and institutional investors also recently modified their holdings in CRDO. Magnetar Financial LLC acquired a new stake in Credo Technology Group in the first quarter valued at approximately $278,000. Lazard Asset Management LLC acquired a new stake in Credo Technology Group in the first quarter valued at approximately $3,741,000. Advisors Asset Management Inc. increased its holdings in Credo Technology Group by 47.6% in the first quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company's stock valued at $81,000 after purchasing an additional 1,229 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Credo Technology Group shares by 290.9% in the first quarter. Healthcare of Ontario Pension Fund now owns 1,184,344 shares of the company's stock, valued at $25,096,000, after purchasing an additional 881,344 shares in the last quarter. Finally, American International Group increased its stake in Credo Technology Group by 7.4% in the first quarter. American International Group now owns 61,286 shares of the company's stock, valued at $1,299,000, after acquiring an additional 4,242 shares in the last quarter. 80.46% of the stock is currently held by institutional investors.
Insider Trading at Credo Technology Group
In other news, CEO William Joseph Brennan sold 15,000 shares of the company's stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $18.87, for a total value of $283,050. Following the completion of the sale, the CEO now directly owns 2,932,500 shares of the company's stock, valued at $55,336,275. The sale was disclosed in a SEC filing, which can be accessed through this link . In other Credo Technology Group news, CEO William Joseph Brennan sold 15,000 shares of the company's stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $18.87, for a total value of $283,050. Following this transaction, the CEO now owns 2,932,500 shares of the company's stock, valued at $55,336,275. The sale was disclosed in a document filed with the SEC, which can be viewed at this link. Additionally, the Chief Operating Officer, Yat Tong Lam sold 10,000 shares of Credo Technology Group stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $28.21, for a total value of $282,100.00. Following this transaction, the Chief Operating Officer now owns 3,130,945 shares of the company's stock, valued at approximately $88,323,958.45. The disclosure for this sale can be found here. In the last 3 months, insiders have sold 911,678 shares of the company's stock, valued at $26,734,294. 23.89% of the stock is now owned by insiders.
Wall Street analysts predict growth
Several research firms have recently issued their opinions on CRDO. Craig Hallum increased their price target on Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Barclays increased their price target on Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Bank of America changed Credo Technology Group's price target to an “underperform” rating and raised their price target from $21.00 to $22.00 in a research report on Thursday, May 30th. Stifel Nicolaus boosted their price objective on Credo Technology Group from $30.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Finally, Needham & Company LLC boosted their price objective on Credo Technology Group from $26.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, and seven have assigned a buy rating. Based on MarketBeat data, the stock currently has an average rating of a “moderate buy” and an average target price of $30.38.
Check out our latest analysis for CRDO
CREDO TECHNOLOGY GROUP'S PRICE PERFORMANCE
CRDO shares opened trading at $27.47 on Friday. The company's 50-day moving average is $28.86 and its 200-day moving average is $23.38. Credo Technology Group Holding Ltd's 52-week low is $13.38 and its 52-week high is $33.96. The company has a market capitalization of $4.54 billion, a price-to-earnings ratio of -152.61 and a beta of 2.23.
Credo Technology Group (NASDAQ:CRDO – Get free report ) released its quarterly earnings report on Wednesday, May 29th. The company reported EPS of ($0.02) for the quarter, missing the consensus estimate of $0.02 by ($0.04). Credo Technology Group had a net margin of -14.70% and a return on equity of -4.51%. The company's revenue for the quarter was $60.78 million, beating analyst expectations of $60.50 million. Equities research analysts expect Credo Technology Group Holding Ltd to post EPS of 0.07 for the current quarter.
CREDO TECHNOLOGY GROUP PROFILE
(Free report)
Credo Technology Group Holding Ltd provides a range of high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, mainland China, Hong Kong and internationally. The company's products include HiWire active electrical cables, optical digital signal processors, low-power line card PHYs, serializer/deserializer (SerDes) chiplets and SerDes IP.
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