Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans decreased its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 47.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,261 shares of the company’s stock after selling 39,392 shares during the period. Thrivent Financial for Lutherans’ holdings in Credo Technology Group were worth $1,332,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. lifted its position in shares of Credo Technology Group by 22.7% during the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after purchasing an additional 368,518 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in Credo Technology Group in the 3rd quarter valued at approximately $565,000. Carnegie Investment Counsel grew its stake in shares of Credo Technology Group by 7.3% in the third quarter. Carnegie Investment Counsel now owns 312,000 shares of the company’s stock worth $9,610,000 after acquiring an additional 21,350 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Credo Technology Group during the second quarter worth $1,908,000. Finally, Moody Aldrich Partners LLC raised its stake in shares of Credo Technology Group by 38.8% in the third quarter. Moody Aldrich Partners LLC now owns 208,908 shares of the company’s stock valued at $6,434,000 after acquiring an additional 58,351 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Roth Mkm increased their price target on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Needham & Company LLC increased 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. Mizuho raised their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Finally, Bank of America raised their price target on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $36.56.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $48.96 on Friday. The company has a fifty day moving average of $39.24 and a two-hundred day moving average of $32.07. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $51.40. The company has a market capitalization of $8.13 billion, a PE ratio of -306.00 and a beta of 2.19.

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 firm had revenue of $59.71 million during the quarter, compared to analyst estimates 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 expect that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $32.06, for a total value of $1,763,300.00. Following the completion of the sale, the chief technology officer now directly owns 9,113,602 shares of the company’s stock, valued at approximately $292,182,080.12. This represents a 0.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider James Laufman sold 20,000 shares of the firm’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $31.36, for a total value of $627,200.00. Following the transaction, the insider now directly owns 302,466 shares in the company, valued at approximately $9,485,333.76. This represents a 6.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,324,817 shares of company stock worth $43,552,936 in the last 90 days. Company insiders own 16.04% of the company’s stock.

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.