Victory Capital Management Inc. Has $20.98 Million Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Victory Capital Management Inc. cut its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 0.3% during the third quarter, Holdings Channel.com reports. The institutional investor owned 681,068 shares of the company’s stock after selling 2,225 shares during the quarter. Victory Capital Management Inc.’s holdings in Credo Technology Group were worth $20,977,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Assetmark Inc. boosted its position in Credo Technology Group by 5.4% in the third quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after buying an additional 257 shares in the last quarter. Fifth Third Bancorp boosted its position in Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after buying an additional 400 shares in the last quarter. CWM LLC boosted its position in Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after buying an additional 594 shares in the last quarter. US Bancorp DE boosted its position in Credo Technology Group by 4.2% in the third quarter. US Bancorp DE now owns 16,210 shares of the company’s stock valued at $499,000 after buying an additional 649 shares in the last quarter. Finally, Allworth Financial LP boosted its position in Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after buying an additional 771 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Craig Hallum upped their target price on shares of Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Barclays upped their target price on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Mizuho upped their target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Needham & Company LLC upped their target price on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Finally, TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. 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 presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.56.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $25.75, for a total value of $3,704,910.00. Following the completion of the sale, the chief executive officer now owns 2,529,738 shares of the company’s stock, valued at approximately $65,140,753.50. This represents a 5.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $32.06, for a total transaction of $1,763,300.00. Following the completion of the sale, the chief technology officer now directly owns 9,113,602 shares of the company’s stock, valued at $292,182,080.12. The trade was a 0.60 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,324,817 shares of company stock valued at $43,552,936. Corporate insiders own 16.04% of the company’s stock.

Credo Technology Group Price Performance

CRDO opened at $40.60 on Tuesday. The company has a market cap of $6.74 billion, a price-to-earnings ratio of -253.75 and a beta of 2.19. The firm has a 50 day simple moving average of $35.62 and a 200 day simple moving average of $30.21. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $48.94.

Credo Technology Group (NASDAQ:CRDO) last posted 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). 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 the consensus estimate of $59.50 million. As a group, analysts expect that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

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.