Primecap Management Co. CA Sells 8,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Primecap Management Co. CA decreased its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDOFree Report) by 0.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 840,600 shares of the company’s stock after selling 8,000 shares during the period. Primecap Management Co. CA owned approximately 0.56% of Credo Technology Group worth $16,366,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Assetmark Inc. lifted its position in shares of Credo Technology Group by 30.1% during the 4th quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock valued at $106,000 after acquiring an additional 1,263 shares during the period. Quadrature Capital Ltd acquired a new stake in Credo Technology Group during the third quarter worth about $166,000. Victory Capital Management Inc. acquired a new stake in Credo Technology Group during the third quarter worth about $179,000. Glenmede Trust Co. NA bought a new position in Credo Technology Group in the 3rd quarter valued at about $215,000. Finally, Amalgamated Bank lifted its holdings in shares of Credo Technology Group by 9.7% during the 4th quarter. Amalgamated Bank now owns 16,449 shares of the company’s stock worth $320,000 after acquiring an additional 1,454 shares during the period. Institutional investors own 80.46% of the company’s stock.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred 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 directly owns 10,048,602 shares of the company’s stock, valued at $210,317,239.86. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $20.93, for a total transaction of $209,300.00. Following the transaction, the chief operating officer now directly owns 3,065,968 shares of the company’s stock, valued at approximately $64,170,710.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $20.93, for a total value of $1,151,150.00. Following the completion of the sale, the chief technology officer now directly owns 10,048,602 shares of the company’s stock, valued at approximately $210,317,239.86. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,219,006 shares of company stock valued at $25,889,797. Corporate insiders own 23.89% of the company’s stock.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock traded up $0.87 during midday trading on Friday, reaching $19.97. The company had a trading volume of 2,364,751 shares, compared to its average volume of 1,548,847. The stock has a fifty day moving average price of $19.50 and a 200 day moving average price of $19.74. Credo Technology Group Holding Ltd has a fifty-two week low of $11.14 and a fifty-two week high of $23.90.

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

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CRDO shares. Craig Hallum upped their target price 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. 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. TD Cowen upped their price objective 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. 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 note on Wednesday, February 28th. Finally, The Goldman Sachs Group upped their price target on shares of Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group currently has an average rating of “Moderate Buy” and an average price target of $24.25.

Check Out Our Latest Research Report on CRDO

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.

Featured Articles

Institutional Ownership by Quarter for Credo Technology Group (NASDAQ:CRDO)

Receive News & Ratings for Credo Technology Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Credo Technology Group and related companies with MarketBeat.com's FREE daily email newsletter.