Wesbanco Bank Inc. Takes Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Wesbanco Bank Inc. bought a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 15,535 shares of the company’s stock, valued at approximately $478,000.

Several other institutional investors also recently bought and sold shares of CRDO. Wellington Management Group LLP acquired a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $35,224,000. Vanguard Group Inc. boosted its holdings in Credo Technology Group by 11.3% during the fourth quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock worth $272,414,000 after buying an additional 1,420,664 shares in the last quarter. TimesSquare Capital Management LLC acquired a new stake in Credo Technology Group during the first quarter valued at $22,535,000. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Credo Technology Group by 290.9% in the first 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 buying an additional 881,344 shares in the last quarter. Finally, Westfield Capital Management Co. LP acquired a new position in shares of Credo Technology Group in the first quarter worth about $17,847,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider James Laufman sold 20,000 shares of Credo Technology Group stock in a transaction on Friday, September 27th. The stock was sold at an average price of $31.36, for a total transaction of $627,200.00. Following the transaction, the insider now owns 302,466 shares in the company, valued at $9,485,333.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Credo Technology Group news, Director Lip Bu Tan sold 13,820 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $31.12, for a total transaction of $430,078.40. Following the completion of the sale, the director now owns 2,849,905 shares of the company’s stock, valued at $88,689,043.60. This trade represents a 0.00 % 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, insider James Laufman sold 20,000 shares of the company’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $31.36, for a total value of $627,200.00. Following the completion of the transaction, the insider now directly owns 302,466 shares in the company, valued at approximately $9,485,333.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,444,817 shares of company stock valued at $45,366,886. Insiders own 23.89% of the company’s stock.

Credo Technology Group Stock Up 1.7 %

Shares of NASDAQ CRDO opened at $36.99 on Thursday. The stock has a market capitalization of $6.11 billion, a price-to-earnings ratio of -205.50 and a beta of 2.24. Credo Technology Group Holding Ltd has a 52 week low of $13.38 and a 52 week high of $40.37. The firm has a 50-day simple moving average of $31.26 and a 200-day simple moving average of $26.78.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The business had revenue of $59.71 million during the quarter, compared to analysts’ expectations of $59.50 million. Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. As a group, equities research analysts expect that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Wall Street Analysts Forecast Growth

CRDO has been the subject of several recent analyst reports. Needham & Company LLC lifted their price target on 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 raised Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. Mizuho lifted their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday. Barclays upped their price objective on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Finally, Bank of America increased their price objective on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a report on Thursday, September 5th. One research 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $35.44.

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.