Asset Management One Co. Ltd. Cuts Stock Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Asset Management One Co. Ltd. cut its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 26.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,450 shares of the company’s stock after selling 1,272 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Credo Technology Group were worth $106,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CRDO. Vanguard Group Inc. increased its holdings in Credo Technology Group by 7.7% during the first quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company’s stock worth $319,202,000 after buying an additional 1,072,301 shares during the last quarter. Driehaus Capital Management LLC grew its position in shares of Credo Technology Group by 3.1% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock valued at $121,097,000 after acquiring an additional 115,271 shares during the period. Swedbank AB increased its stake in shares of Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares during the last quarter. D. E. Shaw & Co. Inc. raised its holdings in shares of Credo Technology Group by 9.1% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 2,431,433 shares of the company’s stock worth $77,660,000 after purchasing an additional 203,739 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in Credo Technology Group by 13.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company’s stock valued at $67,473,000 after purchasing an additional 242,428 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total value of $4,575,000.00. Following the transaction, the director now directly owns 2,638,725 shares in the company, valued at $80,481,112.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Monday, August 19th. The shares were sold at an average price of $31.08, for a total transaction of $1,709,400.00. Following the completion of the sale, the chief technology officer now directly owns 9,168,602 shares of the company’s stock, valued at approximately $284,960,150.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00. Following the completion of the transaction, the director now directly owns 2,638,725 shares in the company, valued at approximately $80,481,112.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,324,817 shares of company stock valued at $42,656,986. Company insiders own 16.04% of the company’s stock.

Credo Technology Group Trading Down 3.2 %

Shares of Credo Technology Group stock opened at $46.48 on Tuesday. The company’s 50-day moving average price is $34.18 and its 200-day moving average price is $29.29. The company has a market cap of $7.72 billion, a price-to-earnings ratio of -290.50 and a beta of 2.19. Credo Technology Group Holding Ltd has a 12-month low of $15.54 and a 12-month high of $48.94.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The firm had revenue of $59.71 million during the quarter, compared to analysts’ expectations of $59.50 million. Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. On average, sell-side analysts predict that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CRDO shares. Bank of America raised their target price 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 lifted their price objective on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Craig Hallum upped their price objective on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Mizuho lifted 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 note on Monday, October 14th. Finally, TD Cowen raised shares of Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $36.56.

Credo Technology Group Company Profile

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.