Charles Schwab Investment Management Inc. raised its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO – Free Report) by 13.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 958,316 shares of the company’s stock after buying an additional 111,957 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.64% of Credo Technology Group worth $18,658,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Credo Technology Group by 31.3% in the 3rd quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock valued at $191,705,000 after purchasing an additional 2,993,303 shares during the last quarter. Jennison Associates LLC purchased a new position in shares of Credo Technology Group in the 4th quarter valued at approximately $45,362,000. JPMorgan Chase & Co. raised its position in shares of Credo Technology Group by 17.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock valued at $131,931,000 after purchasing an additional 1,299,600 shares during the last quarter. American Century Companies Inc. raised its position in shares of Credo Technology Group by 68.3% in the 3rd quarter. American Century Companies Inc. now owns 1,323,251 shares of the company’s stock valued at $20,180,000 after purchasing an additional 537,143 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Credo Technology Group in the 3rd quarter valued at approximately $6,167,000. 80.46% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling at Credo Technology Group
In other Credo Technology Group news, CEO William Joseph Brennan sold 15,000 shares of the firm’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $20.55, for a total value of $308,250.00. Following the transaction, the chief executive officer now owns 3,082,500 shares in the company, valued at approximately $63,345,375. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO William Joseph Brennan sold 15,000 shares of Credo Technology Group stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $20.55, for a total transaction of $308,250.00. Following the transaction, the chief executive officer now owns 3,082,500 shares in the company, valued at approximately $63,345,375. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Monday, March 11th. The stock was sold at an average price of $20.93, for a total value of $1,151,150.00. Following the transaction, the chief technology officer now owns 10,048,602 shares in the company, valued at approximately $210,317,239.86. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,078,751 shares of company stock worth $22,727,047. Corporate insiders own 23.89% of the company’s stock.
Credo Technology Group Stock Performance
Credo Technology Group stock opened at $19.97 on Monday. The company’s fifty day moving average price is $19.50 and its 200 day moving average price is $19.77. Credo Technology Group Holding Ltd has a 1 year low of $11.14 and a 1 year high of $23.90. The stock has a market capitalization of $3.26 billion, a P/E ratio of -86.83 and a beta of 2.03.
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. The company had revenue of $53.06 million for the quarter, compared to analyst estimates of $51.91 million. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.02 EPS. Sell-side analysts predict that Credo Technology Group Holding Ltd will post -0.12 EPS for the current year.
Analysts Set New Price Targets
Several equities analysts recently commented on CRDO shares. The Goldman Sachs Group increased their price objective on shares of Credo Technology Group from $23.00 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 shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Mizuho reissued a “buy” rating and set a $30.00 price target (up from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. TD Cowen raised their price target on shares of 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. Finally, Needham & Company LLC raised their price target on shares of Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $24.25.
View Our Latest Stock Report on Credo Technology Group
Credo Technology Group Profile
(Free Report)
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.
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