Creative Planning Takes Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Creative Planning bought a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 11,652 shares of the company's stock, valued at approximately $359,000.

A number of other hedge funds have also modified their holdings of CRDO. Vanguard Group Inc. raised its position in shares of Credo Technology Group by 7.7% in the 1st quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company's stock valued at $319,202,000 after acquiring an additional 1,072,301 shares during the period. TimesSquare Capital Management LLC acquired a new stake in Credo Technology Group during the 1st quarter worth approximately $22,535,000. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Credo Technology Group by 290.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company's stock worth $25,096,000 after buying an additional 881,344 shares during the period. Westfield Capital Management Co. LP acquired a new stake in Credo Technology Group during the 1st quarter worth approximately $17,847,000. Finally, The Manufacturers Life Insurance Company raised its holdings in Credo Technology Group by 27.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,697,723 shares of the company's stock worth $54,225,000 after buying an additional 362,634 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Stock Up 2.1 %

Shares of NASDAQ:CRDO traded up $0.98 during midday trading on Friday, hitting $48.00. The stock had a trading volume of 2,900,860 shares, compared to its average volume of 2,241,808. Credo Technology Group Holding Ltd has a 12 month low of $14.98 and a 12 month high of $48.32. The business's 50-day simple moving average is $34.18 and its 200-day simple moving average is $29.13. The company has a market cap of $7.97 billion, a P/E ratio of -300.00 and a beta of 2.19.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results 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). Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. The firm had revenue of $59.71 million during the quarter, compared to the consensus estimate of $59.50 million. As a group, equities analysts predict that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Monday, October 21st. The shares were sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the completion of the transaction, the chief technology officer now directly owns 8,838,602 shares of the company's stock, valued at $346,826,742.48. The trade was 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 this hyperlink. In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Monday, October 21st. The shares were sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the completion of the transaction, the chief technology officer now directly owns 8,838,602 shares of the company's stock, valued at $346,826,742.48. The trade was 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 this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction on Monday, August 12th. The stock was sold at an average price of $27.67, for a total transaction of $276,700.00. Following the transaction, the chief operating officer now directly owns 2,807,777 shares of the company's stock, valued at approximately $77,691,189.59. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,334,817 shares of company stock valued at $42,933,686. 16.04% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on CRDO. 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 report on Tuesday, October 22nd. Bank of America raised their target price on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an "underperform" rating in a report on Thursday, September 5th. Needham & Company LLC lifted their price objective on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a "buy" rating in a report on Thursday, September 5th. TD Cowen upgraded shares of Credo Technology Group to a "strong-buy" rating in a report on Monday, September 16th. Finally, Craig Hallum lifted their price objective on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a "buy" 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, Credo Technology Group presently has a consensus rating of "Moderate Buy" and a consensus price target 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.