Mirae Asset Global Investments Co. Ltd. purchased a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 363,696 shares of the company’s stock, valued at approximately $70,844,000. Mirae Asset Global Investments Co. Ltd. owned 0.19% of Credo Technology Group at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC raised its stake in shares of Credo Technology Group by 2.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,986 shares of the company’s stock valued at $387,000 after purchasing an additional 51 shares during the period. City Center Advisors LLC lifted its holdings in Credo Technology Group by 2.1% during the 2nd quarter. City Center Advisors LLC now owns 2,595 shares of the company’s stock worth $706,000 after purchasing an additional 53 shares in the last quarter. Versant Capital Management Inc boosted its stake in Credo Technology Group by 8.0% in the 2nd quarter. Versant Capital Management Inc now owns 755 shares of the company’s stock worth $205,000 after purchasing an additional 56 shares during the period. Prentice Wealth Management LLC boosted its stake in Credo Technology Group by 7.5% in the 3rd quarter. Prentice Wealth Management LLC now owns 1,038 shares of the company’s stock worth $202,000 after purchasing an additional 72 shares during the period. Finally, TD Waterhouse Canada Inc. grew its holdings in Credo Technology Group by 28.1% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 337 shares of the company’s stock valued at $71,000 after buying an additional 74 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other news, COO Yat Lam sold 50,000 shares of Credo Technology Group stock in a transaction on Friday, September 25th. The shares were sold at an average price of $206.30, for a total transaction of $10,315,000.00. Following the completion of the sale, the chief operating officer directly owned 2,479,169 shares of the company’s stock, valued at approximately $511,452,564.70. The trade was a 1.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of the company’s stock in a transaction on Tuesday, September 29th. The stock was sold at an average price of $193.93, for a total transaction of $5,333,075.00. Following the completion of the transaction, the chief technology officer owned 5,662,397 shares of the company’s stock, valued at $1,098,108,650.21. This trade represents a 0.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 352,538 shares of company stock valued at $67,200,077 in the last quarter. Corporate insiders own 9.06% of the company’s stock.
Credo Technology Group Stock Performance
Shares of NASDAQ CRDO opened at $150.99 on Monday. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The firm has a market capitalization of $28.38 billion, a price-to-earnings ratio of 53.73, a PEG ratio of 0.60 and a beta of 3.29. The business has a 50-day moving average of $188.40 and a 200-day moving average of $180.84.
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last announced its earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The business had revenue of $479.00 million for the quarter, compared to the consensus estimate of $473.30 million. During the same period last year, the firm posted $0.52 earnings per share. Credo Technology Group’s quarterly revenue was up 114.7% on a year-over-year basis. On average, analysts predict that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current year.
Analyst Ratings Changes
CRDO has been the topic of several analyst reports. Susquehanna upped their price target on Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research report on Tuesday, July 21st. Zacks Research cut shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. Barclays upped their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. Stifel Nicolaus cut their price target on shares of Credo Technology Group from $350.00 to $310.00 and set a “buy” rating for the company in a report on Monday, October 5th. Finally, Weiss Ratings lowered shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $262.67.
Get Our Latest Research Report on CRDO
Credo Technology Group Profile
Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.
The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.
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