Thrivent Financial for Lutherans Acquires 43,411 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Thrivent Financial for Lutherans raised its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 110.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,653 shares of the company’s stock after buying an additional 43,411 shares during the period. Thrivent Financial for Lutherans owned 0.05% of Credo Technology Group worth $2,640,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. AMF Tjanstepension AB raised its stake in shares of Credo Technology Group by 31.8% in the 1st quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock valued at $36,302,000 after acquiring an additional 413,149 shares in the last quarter. Thornburg Investment Management Inc. raised its position in shares of Credo Technology Group by 37.1% in the first quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock valued at $5,029,000 after purchasing an additional 64,177 shares during the period. Capstone Investment Advisors LLC acquired a new stake in shares of Credo Technology Group in the first quarter worth $2,732,000. Swiss National Bank boosted its holdings in shares of Credo Technology Group by 14.7% during the 1st quarter. Swiss National Bank now owns 254,416 shares of the company’s stock worth $5,391,000 after buying an additional 32,600 shares during the period. Finally, Castleark Management LLC acquired a new position in Credo Technology Group in the 1st quarter valued at $3,876,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Price Performance

CRDO opened at $30.80 on Tuesday. The company has a market capitalization of $5.09 billion, a P/E ratio of -171.11 and a beta of 2.26. The firm’s fifty day moving average price is $29.48 and its two-hundred day moving average price is $25.60. Credo Technology Group Holding Ltd has a fifty-two week low of $13.38 and a fifty-two week high of $36.80.

Credo Technology Group (NASDAQ:CRDO) last posted its 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). The business had revenue of $59.71 million during the quarter, compared to the consensus estimate of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. On average, equities research analysts expect that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.

Insider Buying and Selling

In other Credo Technology Group news, Director Lip Bu Tan sold 245,438 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $32.67, for a total value of $8,018,459.46. Following the sale, the director now directly owns 2,863,725 shares in the company, valued at $93,557,895.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Lip Bu Tan sold 245,438 shares of Credo Technology Group stock in a transaction dated 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 completion of the transaction, the director now directly owns 2,863,725 shares of the company’s stock, valued at approximately $93,557,895.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $30.62, for a total transaction of $306,200.00. Following the sale, the chief operating officer now directly owns 3,117,777 shares in the company, valued at $95,466,331.74. The disclosure for this sale can be found here. Insiders sold 1,036,190 shares of company stock worth $31,153,347 in the last 90 days. 23.89% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CRDO. 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 report on Thursday, September 5th. The Goldman Sachs Group increased their target price on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, September 6th. TD Cowen raised Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Roth Mkm increased their price objective on Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Finally, Needham & Company LLC raised their price objective 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 given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and an average target price of $34.00.

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.