Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Acquired by Carnegie Investment Counsel

Carnegie Investment Counsel boosted its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 7.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 312,000 shares of the company’s stock after purchasing an additional 21,350 shares during the period. Carnegie Investment Counsel owned approximately 0.19% of Credo Technology Group worth $9,610,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Arcadia Investment Management Corp MI acquired a new stake in Credo Technology Group during the second quarter valued at approximately $29,000. Fifth Third Bancorp lifted its stake in Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares during the last quarter. CWM LLC lifted its stake in Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after purchasing an additional 594 shares during the last quarter. Cranbrook Wealth Management LLC acquired a new stake in Credo Technology Group during the second quarter valued at approximately $51,000. Finally, Covestor Ltd lifted its position in shares of Credo Technology Group by 19,240.0% in the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after acquiring an additional 1,924 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Stock Up 2.7 %

Shares of CRDO opened at $38.26 on Friday. The company’s fifty day moving average is $30.52 and its 200-day moving average is $26.44. Credo Technology Group Holding Ltd has a 12 month low of $13.38 and a 12 month high of $39.00. The firm has a market cap of $6.32 billion, a price-to-earnings ratio of -212.56 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) EPS 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 for the quarter, compared to analyst estimates of $59.50 million. As a group, research analysts predict that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In other news, Director Lip Bu Tan sold 245,438 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $32.67, for a total transaction of $8,018,459.46. Following the transaction, the director now owns 2,863,725 shares in the company, valued at $93,557,895.75. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Lip Bu Tan sold 245,438 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $32.67, for a total value of $8,018,459.46. Following the transaction, the director now directly owns 2,863,725 shares in the company, valued at approximately $93,557,895.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $29.30, for a total transaction of $1,611,500.00. Following the completion of the transaction, the chief technology officer now owns 9,333,602 shares in the company, valued at $273,474,538.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,509,974 shares of company stock worth $46,475,972 in the last 90 days. 23.89% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CRDO. The Goldman Sachs Group upped their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, September 6th. TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Barclays upped their price target on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. Needham & Company LLC upped their price target 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, Stifel Nicolaus upped their price target on shares of Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday. One investment 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’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $34.22.

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.