Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by Primecap Management Co. CA

Primecap Management Co. CA lessened its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 13.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 698,900 shares of the company's stock after selling 107,700 shares during the period. Primecap Management Co. CA owned approximately 0.42% of Credo Technology Group worth $21,526,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Swedbank AB lifted its stake in 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 purchasing an additional 2,961,454 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Credo Technology Group by 7.7% during 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. Principal Financial Group Inc. grew its position in Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company's stock valued at $61,415,000 after acquiring an additional 368,518 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Credo Technology Group by 27.2% in the second quarter. The Manufacturers Life Insurance Company now owns 1,697,723 shares of the company's stock worth $54,225,000 after purchasing an additional 362,634 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of Credo Technology Group by 62.7% during the second quarter. Bank of New York Mellon Corp now owns 654,773 shares of the company's stock valued at $20,913,000 after purchasing an additional 252,349 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Stock Performance

NASDAQ:CRDO traded down $0.44 during midday trading on Friday, reaching $45.84. 2,132,902 shares of the stock traded hands, compared to its average volume of 2,255,258. The stock has a market capitalization of $7.61 billion, a PE ratio of -288.63 and a beta of 2.19. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $48.94. The business has a 50-day moving average of $37.02 and a two-hundred day moving average of $30.75.

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 return on equity of 3.74% and a negative net margin of 12.05%. Research analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Lip Bu Tan sold 15,281 shares of the business's stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $39.05, for a total transaction of $596,723.05. Following the completion of the sale, the director now directly owns 1,748,444 shares in the company, valued at approximately $68,276,738.20. The trade was a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $47.37, for a total transaction of $2,605,350.00. Following the sale, the chief technology officer now directly owns 8,728,602 shares of the company's stock, valued at $413,473,876.74. The trade was a 0.63 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,324,817 shares of company stock valued at $43,552,936. 16.04% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CRDO shares. 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 target price on shares of Credo Technology Group from $40.00 to $42.00 and gave the stock a "buy" rating in a research report on Wednesday, October 9th. Bank of America boosted their price target on Credo Technology Group from $25.00 to $27.00 and gave the company an "underperform" rating in a report on Thursday, September 5th. Barclays raised their price objective on Credo Technology Group from $30.00 to $32.00 and gave the stock an "overweight" rating in a report on Thursday, September 5th. Finally, Roth Mkm upped their target price on Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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.