Carnegie Capital Asset Management LLC Has $5.71 Million Stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Carnegie Capital Asset Management LLC grew its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 19.4% in the 4th quarter, Holdings Channel reports. The fund owned 293,470 shares of the company’s stock after buying an additional 47,650 shares during the period. Carnegie Capital Asset Management LLC’s holdings in Credo Technology Group were worth $5,714,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. increased its position in Credo Technology Group by 255.4% during the 3rd quarter. BlackRock Inc. now owns 12,750,435 shares of the company’s stock valued at $140,255,000 after purchasing an additional 9,162,371 shares during the period. Vanguard Group Inc. increased its position in Credo Technology Group by 31.3% during the 3rd quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock valued at $191,705,000 after purchasing an additional 2,993,303 shares during the period. Capital Research Global Investors acquired a new stake in Credo Technology Group during the 1st quarter valued at approximately $125,306,000. JPMorgan Chase & Co. increased its position in Credo Technology Group by 17.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock valued at $131,931,000 after purchasing an additional 1,299,600 shares during the period. Finally, State Street Corp increased its position in Credo Technology Group by 60.4% during the 1st quarter. State Street Corp now owns 6,322,804 shares of the company’s stock valued at $59,561,000 after purchasing an additional 2,381,087 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Buying and Selling at Credo Technology Group

In other news, CEO William Joseph Brennan sold 15,000 shares of the firm’s stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $19.31, for a total transaction of $289,650.00. Following the completion of the sale, the chief executive officer now directly owns 3,202,500 shares of the company’s stock, valued at approximately $61,840,275. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO William Joseph Brennan sold 15,000 shares of Credo Technology Group stock in a transaction dated Thursday, January 18th. The stock was sold at an average price of $19.31, for a total value of $289,650.00. Following the completion of the sale, the chief executive officer now owns 3,202,500 shares of the company’s stock, valued at approximately $61,840,275. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Daniel W. Fleming sold 17,500 shares of Credo Technology Group stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $21.45, for a total value of $375,375.00. Following the completion of the sale, the chief financial officer now directly owns 606,634 shares of the company’s stock, valued at approximately $13,012,299.30. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,032,198 shares of company stock worth $43,986,214. Corporate insiders own 23.89% of the company’s stock.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $21.44 on Monday. The stock’s fifty day simple moving average is $21.57 and its two-hundred day simple moving average is $19.13. Credo Technology Group Holding Ltd has a 1-year low of $7.20 and a 1-year high of $23.90.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.01. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. The business had revenue of $53.06 million for the quarter, compared to analysts’ expectations of $51.91 million. During the same period last year, the business earned $0.02 EPS. The business’s revenue was down 2.2% on a year-over-year basis. As a group, research analysts expect that Credo Technology Group Holding Ltd will post -0.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. The Goldman Sachs Group increased their price target on Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, February 28th. Needham & Company LLC increased their price target on Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, February 28th. TD Cowen increased their target price on Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a report on Wednesday, February 28th. Finally, Mizuho reiterated a “buy” rating and issued a $30.00 target price (up from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $23.00.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.