Carnegie Investment Counsel Acquires 21,350 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Carnegie Investment Counsel lifted its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 7.3% in the third quarter, according to its most recent filing with the SEC. The firm owned 312,000 shares of the company’s stock after acquiring an additional 21,350 shares during the period. Carnegie Investment Counsel’s holdings in Credo Technology Group were worth $9,610,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CRDO. Arcadia Investment Management Corp MI bought a new position in shares of Credo Technology Group during the 2nd quarter worth about $29,000. Fifth Third Bancorp lifted its holdings in Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares during the last quarter. Covestor Ltd lifted its holdings in Credo Technology Group by 19,240.0% during the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after purchasing an additional 1,924 shares during the last quarter. CWM LLC lifted its holdings in Credo Technology Group by 78.1% during the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after purchasing an additional 594 shares during the last quarter. Finally, Cranbrook Wealth Management LLC bought a new position in Credo Technology Group during the 2nd quarter valued at about $51,000. 80.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Craig Hallum lifted their price target on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Stifel Nicolaus lifted their price target on shares of Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday. TD Cowen raised shares of Credo Technology Group to a “strong-buy” rating in a report on Monday, September 16th. The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Needham & Company LLC raised their price objective on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $34.22.

Credo Technology Group Trading Up 2.7 %

CRDO opened at $38.26 on Friday. Credo Technology Group Holding Ltd has a 1-year low of $13.38 and a 1-year high of $39.00. The firm has a 50-day moving average price of $30.52 and a two-hundred day moving average price of $26.44. The stock has a market capitalization of $6.32 billion, a PE ratio of -212.56 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The business had revenue of $59.71 million during the quarter, compared to the consensus estimate of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. On average, research analysts predict that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 245,438 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $32.67, for a total transaction of $8,018,459.46. Following the transaction, the director now owns 2,863,725 shares in the company, valued at approximately $93,557,895.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Credo Technology Group news, Director Lip Bu Tan sold 245,438 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $32.67, for a total value of $8,018,459.46. Following the completion of the sale, the director now owns 2,863,725 shares of the company’s stock, valued at approximately $93,557,895.75. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $32.06, for a total transaction of $1,763,300.00. Following the transaction, the chief technology officer now directly owns 9,113,602 shares in the company, valued at approximately $292,182,080.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,509,974 shares of company stock worth $46,475,972. 23.89% of the stock is owned by insiders.

Credo Technology Group Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, 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, as well as integrated circuits, active electrical cables.