Paloma Partners Management Co Takes $1.60 Million Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Paloma Partners Management Co acquired a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 51,776 shares of the company’s stock, valued at approximately $1,595,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CRDO. Point72 Hong Kong Ltd purchased a new position in shares of Credo Technology Group in the third quarter valued at $3,948,000. Circle Wealth Management LLC grew its stake in Credo Technology Group by 84.6% in the 3rd quarter. Circle Wealth Management LLC now owns 51,064 shares of the company’s stock valued at $1,572,000 after acquiring an additional 23,397 shares during the last quarter. PDT Partners LLC increased its holdings in Credo Technology Group by 0.7% during the 3rd quarter. PDT Partners LLC now owns 88,720 shares of the company’s stock valued at $2,733,000 after acquiring an additional 652 shares in the last quarter. Captrust Financial Advisors raised its position in Credo Technology Group by 24.6% during the third quarter. Captrust Financial Advisors now owns 98,257 shares of the company’s stock worth $3,026,000 after acquiring an additional 19,397 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Credo Technology Group by 94.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after purchasing an additional 118,169 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CRDO. Bank of America lifted their price objective on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research report on Thursday, September 5th. The Goldman Sachs Group upped their price objective on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Stifel Nicolaus increased their price objective on Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Mizuho boosted their target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Finally, Needham & Company LLC raised their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Credo Technology Group currently has an average rating of “Moderate Buy” and an average target price of $36.56.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $47.80 on Tuesday. The company has a market cap of $7.94 billion, a P/E ratio of -298.75 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 $51.40. The company has a 50-day moving average of $39.60 and a 200-day moving average of $32.37.

Credo Technology Group (NASDAQ:CRDO) last issued 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). The company had revenue of $59.71 million for 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, equities research analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $28.22, for a total transaction of $1,552,100.00. Following the completion of the sale, the chief technology officer now directly owns 9,058,602 shares in the company, valued at $255,633,748.44. The trade was a 0.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the completion of the transaction, the chief executive officer now directly owns 2,529,738 shares in the company, valued at approximately $65,140,753.50. This represents a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,269,817 shares of company stock worth $41,789,636 over the last three months. 16.04% of the stock is owned by insiders.

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.