Hanseatic Management Services Inc. Acquires Shares of 18,780 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Hanseatic Management Services Inc. acquired a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 18,780 shares of the company's stock, valued at approximately $578,000.

A number of other institutional investors also recently added to or reduced their stakes in CRDO. Vanguard Group Inc. lifted its position in shares of Credo Technology Group by 7.7% during the first quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company's stock valued at $319,202,000 after buying an additional 1,072,301 shares during the last quarter. Driehaus Capital Management LLC raised its stake in shares of Credo Technology Group by 3.1% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company's stock worth $121,097,000 after acquiring an additional 115,271 shares in the last quarter. Swedbank AB lifted its position in Credo Technology Group by 873.9% during the third 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 last quarter. D. E. Shaw & Co. Inc. boosted its stake in Credo Technology Group by 9.1% in the second quarter. D. E. Shaw & Co. Inc. now owns 2,431,433 shares of the company's stock valued at $77,660,000 after acquiring an additional 203,739 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Credo Technology Group by 13.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company's stock worth $67,473,000 after purchasing an additional 242,428 shares during the last quarter. Institutional investors own 80.46% of the company's stock.

Insider Buying and Selling at Credo Technology Group

In other news, insider James Laufman sold 20,000 shares of the company'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 sale, the insider now owns 302,466 shares in the company, valued at $9,485,333.76. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider James Laufman sold 20,000 shares of the business'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 $9,485,333.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the sale, the director now directly owns 2,638,725 shares in the company, valued at $80,481,112.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,389,817 shares of company stock worth $44,436,836. Insiders own 16.04% of the company's stock.

Credo Technology Group Price Performance

NASDAQ:CRDO traded up $2.67 during midday trading on Thursday, hitting $47.02. The company's stock had a trading volume of 3,029,445 shares, compared to its average volume of 2,238,411. Credo Technology Group Holding Ltd has a fifty-two week low of $14.94 and a fifty-two week high of $47.13. The firm's 50 day moving average is $33.92 and its 200-day moving average is $28.92. The firm has a market cap of $7.81 billion, a P/E ratio of -293.88 and a beta of 2.19.

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 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 analyst estimates 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, analysts forecast that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently commented on CRDO. The Goldman Sachs Group increased their price objective on Credo Technology Group from $26.00 to $31.00 and gave the company a "buy" rating in a report on Friday, September 6th. Stifel Nicolaus raised their price target on Credo Technology Group from $40.00 to $42.00 and gave the stock a "buy" rating in a report on Wednesday, October 9th. Roth Mkm upped their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a "buy" rating in a report on Tuesday, October 22nd. 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. Finally, Craig Hallum boosted their target price on shares of Credo Technology Group from $30.00 to $38.00 and gave the stock a "buy" rating in a research report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $36.56.

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.