Charles Schwab Investment Management Inc. Acquires 95,335 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Charles Schwab Investment Management Inc. boosted its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 9.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,136,557 shares of the company’s stock after purchasing an additional 95,335 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Credo Technology Group were worth $35,006,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Driehaus Capital Management LLC grew its position in shares of Credo Technology Group by 3.1% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock valued at $121,097,000 after acquiring an additional 115,271 shares during the period. Swedbank AB grew its position in shares of Credo Technology Group by 873.9% in the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after acquiring an additional 2,961,454 shares during the period. D. E. Shaw & Co. Inc. lifted its stake in shares of Credo Technology Group by 9.1% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 2,431,433 shares of the company’s stock worth $77,660,000 after buying an additional 203,739 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Credo Technology Group by 13.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company’s stock worth $67,473,000 after buying an additional 242,428 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of Credo Technology Group by 22.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after buying an additional 368,518 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Analyst Ratings Changes

CRDO has been the subject of a number of research reports. 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 research note on Tuesday, October 22nd. TD Cowen raised their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday. Craig Hallum raised their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday. Needham & Company LLC raised their target price on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Stifel Nicolaus restated a “buy” rating and set a $75.00 target price (up previously from $50.00) on shares of Credo Technology Group in a research note on Tuesday. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $63.56.

Credo Technology Group Stock Up 47.9 %

Shares of Credo Technology Group stock opened at $70.69 on Wednesday. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $72.30. The company has a 50-day simple moving average of $40.42 and a two-hundred day simple moving average of $32.73. The stock has a market capitalization of $11.74 billion, a price-to-earnings ratio of -471.27 and a beta of 2.26.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.97%. The firm had revenue of $59.71 million during the quarter, compared to the consensus estimate of $59.50 million. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In related news, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following 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. The trade was a 5.38 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $48.57, for a total transaction of $2,671,350.00. Following the sale, the chief technology officer now directly owns 8,618,602 shares in the company, valued at $418,605,499.14. This trade represents a 0.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,337,321 shares of company stock valued at $45,067,180 in the last ninety days. 16.04% of the stock is currently owned by company insiders.

About Credo Technology Group

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.