Paloma Partners Management Co Takes Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Paloma Partners Management Co purchased a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 51,776 shares of the company’s stock, valued at approximately $1,595,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allworth Financial LP grew its position in shares of Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after buying an additional 771 shares in the last quarter. Arcadia Investment Management Corp MI bought a new stake in shares of Credo Technology Group in the 2nd quarter worth about $29,000. Rakuten Securities Inc. acquired a new stake in shares of Credo Technology Group in the 3rd quarter valued at about $30,000. Fifth Third Bancorp lifted its position in shares of Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after purchasing an additional 400 shares during the last quarter. Finally, Brown Brothers Harriman & Co. grew its stake in Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after purchasing an additional 1,001 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on CRDO. Bank of America lifted their target price on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research report on Thursday, September 5th. Mizuho increased their target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Needham & Company LLC lifted their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Craig Hallum boosted their price objective on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Finally, Roth Mkm raised their target price on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and an average price target of $36.56.

Insider Buying and Selling 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, November 8th. The shares were sold at an average price of $47.37, for a total transaction of $2,605,350.00. Following the transaction, the chief technology officer now owns 8,728,602 shares in the company, valued at $413,473,876.74. This trade represents a 0.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $25.75, for a total value of $3,704,910.00. Following the sale, the chief executive officer now directly owns 2,529,738 shares in the company, valued at approximately $65,140,753.50. The trade was a 5.38 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,269,817 shares of company stock valued at $41,789,636. Company insiders own 16.04% of the company’s stock.

Credo Technology Group Trading Down 2.4 %

Shares of NASDAQ:CRDO opened at $47.80 on Tuesday. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $51.40. The firm has a market capitalization of $7.94 billion, a P/E ratio of -298.75 and a beta of 2.19. The firm’s 50 day moving average is $39.60 and its two-hundred day moving average is $32.37.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results 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 for the quarter, compared to analyst estimates of $59.50 million. Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. Analysts predict that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Credo Technology Group Company 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.