Creative Planning Purchases Shares of 11,652 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Creative Planning purchased a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the third quarter, HoldingsChannel reports. The institutional investor purchased 11,652 shares of the company’s stock, valued at approximately $359,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Arcadia Investment Management Corp MI acquired a new position in Credo Technology Group during the second quarter valued at approximately $29,000. Fifth Third Bancorp raised its holdings in Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after acquiring an additional 400 shares in the last quarter. CWM LLC raised its holdings in Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after acquiring an additional 594 shares in the last quarter. Cranbrook Wealth Management LLC bought a new stake in Credo Technology Group during the second quarter valued at $51,000. Finally, Covestor Ltd increased its stake in Credo Technology Group by 19,240.0% during the first 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. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Stock Up 6.0 %

CRDO stock opened at $47.02 on Friday. The company has a market capitalization of $7.81 billion, a P/E ratio of -293.88 and a beta of 2.19. The company has a 50-day simple moving average of $33.92 and a 200 day simple moving average of $28.92. Credo Technology Group Holding Ltd has a fifty-two week low of $14.94 and a fifty-two week high of $47.13.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The company had revenue of $59.71 million during 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%. Equities analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Insider Buying and Selling

In related news, Director Lip Bu Tan sold 150,000 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00. Following the completion of the sale, the director now owns 2,638,725 shares of the company’s stock, valued at $80,481,112.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Credo Technology Group news, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $25.75, for a total value of $3,704,910.00. Following the completion of the sale, the chief executive officer now directly owns 2,529,738 shares of the company’s stock, valued at approximately $65,140,753.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the completion of the sale, the director now directly owns 2,638,725 shares of the company’s stock, valued at $80,481,112.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,334,817 shares of company stock valued at $42,933,686 over the last 90 days. 16.04% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CRDO shares. Bank of America boosted their target price on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th. The Goldman Sachs Group boosted their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Needham & Company LLC boosted their target price on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Craig Hallum boosted their target price on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus target price of $36.56.

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.