Intech Investment Management LLC Buys Shares of 42,559 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Intech Investment Management LLC acquired a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 42,559 shares of the company's stock, valued at approximately $1,311,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Allworth Financial LP raised its holdings in shares of Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company's stock valued at $26,000 after buying an additional 771 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new stake in Credo Technology Group in the 2nd quarter valued at approximately $29,000. Rakuten Securities Inc. bought a new stake in Credo Technology Group during the 3rd quarter valued at $30,000. Fifth Third Bancorp grew its stake in shares of Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company's stock worth $34,000 after purchasing an additional 400 shares in the last quarter. Finally, CWM LLC grew its stake in shares of Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company's stock worth $43,000 after purchasing an additional 594 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $46.67 on Wednesday. The company has a 50 day moving average price of $38.14 and a 200 day moving average price of $31.56. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $48.94. The firm has a market capitalization of $7.75 billion, a price-to-earnings ratio of -291.69 and a beta of 2.19.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly 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 for the quarter, compared to analysts' expectations of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. Equities analysts forecast that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CRDO has been the subject of several research analyst reports. 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 report on Thursday, September 5th. TD Cowen raised shares of Credo Technology Group to a "strong-buy" rating in a research note on Monday, September 16th. Stifel Nicolaus raised their price objective on shares of Credo Technology Group from $40.00 to $42.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. The Goldman Sachs Group upped their target price on Credo Technology Group from $26.00 to $31.00 and gave the stock a "buy" rating in a research report on Friday, September 6th. Finally, Bank of America lifted their price target on Credo Technology Group from $25.00 to $27.00 and gave the company an "underperform" rating in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $36.56.

Insider Activity

In other news, CEO William Joseph Brennan sold 143,880 shares of the company's stock in a transaction on Friday, September 6th. The shares were sold at an average price of $25.75, for a total value of $3,704,910.00. Following the transaction, the chief executive officer now directly owns 2,529,738 shares of the company's stock, valued at approximately $65,140,753.50. This represents a 5.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group 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 sale, the director now directly owns 2,638,725 shares of the company's stock, valued at approximately $80,481,112.50. The trade was a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,324,817 shares of company stock worth $43,552,936 in the last 90 days. Company insiders own 16.04% of the company's stock.

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.