Credo Technology Group Holding Ltd (NASDAQ:CRDO) Position Lifted by Emerald Advisers LLC

Emerald Advisers LLC grew its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 5.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,593,082 shares of the company's stock after acquiring an additional 86,063 shares during the period. Credo Technology Group comprises about 1.9% of Emerald Advisers LLC's investment portfolio, making the stock its 7th biggest position. Emerald Advisers LLC owned about 0.96% of Credo Technology Group worth $49,067,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Credo Technology Group by 7.7% in the first 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 in the last quarter. Driehaus Capital Management LLC lifted its position in shares of Credo Technology Group by 3.1% in the second quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company's stock worth $121,097,000 after buying an additional 115,271 shares in the last quarter. Swedbank AB lifted its position in shares of Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company's stock worth $101,650,000 after buying an additional 2,961,454 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its position in shares of 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 worth $77,660,000 after buying an additional 203,739 shares in the last quarter. Finally, Jennison Associates LLC lifted its position in shares of Credo Technology Group by 1.9% in the first quarter. Jennison Associates LLC now owns 2,375,255 shares of the company's stock worth $50,332,000 after buying an additional 45,396 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on CRDO shares. TD Cowen upgraded Credo Technology Group to a "strong-buy" rating in a research report on Monday, September 16th. The Goldman Sachs Group boosted 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. Needham & Company LLC boosted their target price on Credo Technology Group from $29.00 to $33.00 and gave the stock a "buy" rating in a research report on Thursday, September 5th. Barclays boosted their target price on 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, Mizuho upped their price objective on Credo Technology Group from $35.00 to $41.00 and gave the company an "outperform" rating in a research report on Monday, October 14th. One investment 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 company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $36.56.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $27.33, for a total value of $1,503,150.00. Following the sale, the chief technology officer now directly owns 9,223,602 shares in the company, valued at approximately $252,081,042.66. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction on Friday, August 9th. The stock was sold at an average price of $27.33, for a total transaction of $1,503,150.00. Following the transaction, the chief technology officer now directly owns 9,223,602 shares in the company, valued at $252,081,042.66. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the firm's stock in a transaction on Monday, August 12th. The stock was sold at an average price of $27.67, for a total value of $276,700.00. Following the transaction, the chief operating officer now owns 2,807,777 shares in the company, valued at $77,691,189.59. The trade was 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 have sold 1,389,817 shares of company stock worth $44,436,836. 16.04% of the stock is currently owned by company insiders.

Credo Technology Group Trading Up 7.2 %

Shares of NASDAQ CRDO traded up $2.73 during midday trading on Friday, hitting $40.43. The company's stock had a trading volume of 3,521,006 shares, compared to its average volume of 2,230,936. The business's 50 day moving average is $33.25 and its two-hundred day moving average is $28.35. Credo Technology Group Holding Ltd has a 12-month low of $14.01 and a 12-month high of $41.92. The firm has a market cap of $6.71 billion, a P/E ratio of -252.69 and a beta of 2.18.

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 the consensus estimate of ($0.03) by ($0.03). Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. The business had revenue of $59.71 million during the quarter, compared to analysts' expectations of $59.50 million. On average, analysts predict that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

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.