Castleark Management LLC Has $5.14 Million Stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Castleark Management LLC lifted its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 31.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 166,730 shares of the company's stock after acquiring an additional 40,300 shares during the period. Castleark Management LLC owned 0.10% of Credo Technology Group worth $5,135,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. Swedbank AB grew its position in Credo Technology Group by 873.9% in the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company's stock worth $101,650,000 after purchasing an additional 2,961,454 shares during the last quarter. Point72 Asset Management L.P. raised its stake in shares of Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company's stock valued at $120,627,000 after purchasing an additional 1,660,230 shares in the last quarter. FMR LLC raised its stake in shares of Credo Technology Group by 731.6% in the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company's stock worth $35,493,000 after buying an additional 1,013,789 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company's stock valued at $88,188,000 after buying an additional 705,512 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in 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 valued at $61,415,000 after buying an additional 368,518 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Insider Transactions at Credo Technology Group

In other news, Director Lip Bu Tan sold 150,000 shares of the business's stock in a transaction on 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 directly owns 2,638,725 shares in the company, valued at approximately $80,481,112.50. The trade was a 5.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $27.69, for a total transaction of $276,900.00. Following the completion of the transaction, the chief operating officer now owns 2,885,840 shares in the company, valued at $79,908,909.60. This trade represents a 0.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,193,441 shares of company stock valued at $41,362,270 in the last three months. Corporate insiders own 16.04% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on CRDO. Barclays boosted their price target on shares of Credo Technology Group from $32.00 to $80.00 and gave the stock an "overweight" rating in a research report on Tuesday, December 3rd. Mizuho increased their target price 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, October 14th. Roth Mkm lifted their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a research report on Tuesday, October 22nd. Craig Hallum increased their price objective on Credo Technology Group from $38.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, December 3rd. Finally, Stifel Nicolaus restated a "buy" rating and issued a $75.00 target price (up from $50.00) on shares of Credo Technology Group in a report on Tuesday, December 3rd. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $67.33.

Credo Technology Group Trading Up 5.4 %

CRDO stock traded up $3.83 during midday trading on Friday, reaching $74.23. The company had a trading volume of 4,595,392 shares, compared to its average volume of 3,705,549. The company has a 50 day moving average of $42.84 and a two-hundred day moving average of $33.73. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $75.32. The company has a market capitalization of $12.41 billion, a P/E ratio of -494.87 and a beta of 2.26.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released 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 9.70% and a negative return on equity of 2.94%. The firm had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd will post 0.13 earnings per share for the current year.

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.