AQR Capital Management LLC Has $6.59 Million Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

AQR Capital Management LLC trimmed its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 10.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 206,229 shares of the company’s stock after selling 24,113 shares during the quarter. AQR Capital Management LLC owned approximately 0.12% of Credo Technology Group worth $6,587,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP bought a new stake in Credo Technology Group in the fourth quarter worth $35,224,000. Vanguard Group Inc. boosted its stake in shares of Credo Technology Group by 11.3% during the 4th quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock worth $272,414,000 after acquiring an additional 1,420,664 shares in the last quarter. TimesSquare Capital Management LLC acquired a new position in shares of Credo Technology Group during the 1st quarter valued at about $22,535,000. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Credo Technology Group by 290.9% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company’s stock valued at $25,096,000 after acquiring an additional 881,344 shares in the last quarter. Finally, Westfield Capital Management Co. LP acquired a new stake in Credo Technology Group in the 1st quarter worth approximately $17,847,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of recent analyst reports. Stifel Nicolaus lifted their price target on shares of Credo Technology Group from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Bank of America boosted their target price on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research report on Thursday, September 5th. Roth Mkm raised their price target on Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Craig Hallum boosted their price objective on Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Finally, The Goldman Sachs Group raised their target price on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $34.00.

Insider Buying and Selling at Credo Technology Group

In other news, Director Lip Bu Tan sold 245,438 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $32.67, for a total value of $8,018,459.46. Following the completion of the transaction, the director now directly owns 2,863,725 shares of the company’s stock, valued at approximately $93,557,895.75. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Lip Bu Tan sold 245,438 shares of the company’s stock in a transaction dated 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 sale, the director now owns 2,863,725 shares of the company’s stock, valued at approximately $93,557,895.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider James Laufman sold 20,000 shares of Credo Technology Group stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $31.36, for a total transaction of $627,200.00. Following the transaction, the insider now directly owns 302,466 shares of the company’s stock, valued at $9,485,333.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,283,324 shares of company stock valued at $38,724,677. 23.89% of the stock is currently owned by corporate insiders.

Credo Technology Group Trading Up 1.5 %

Shares of NASDAQ CRDO opened at $30.89 on Friday. The firm has a market capitalization of $5.10 billion, a price-to-earnings ratio of -171.61 and a beta of 2.24. Credo Technology Group Holding Ltd has a one year low of $13.38 and a one year high of $36.80. The business has a fifty day simple moving average of $29.56 and a 200 day simple moving average of $25.83.

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). Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. The business had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. On average, research analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

Credo Technology Group Profile

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.