Migdal Insurance & Financial Holdings Ltd. Trims Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Migdal Insurance & Financial Holdings Ltd. reduced its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 23.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,498 shares of the company’s stock after selling 1,348 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in Credo Technology Group were worth $89,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CRDO. Royal Bank of Canada purchased a new stake in Credo Technology Group in the 1st quarter valued at about $26,000. Ameritas Investment Partners Inc. purchased a new stake in Credo Technology Group during the first quarter worth about $26,000. Advisors Asset Management Inc. increased its stake in Credo Technology Group by 295.9% during the third quarter. Advisors Asset Management Inc. now owns 1,841 shares of the company’s stock worth $28,000 after purchasing an additional 1,376 shares during the period. Altshuler Shaham Ltd purchased a new stake in Credo Technology Group during the fourth quarter worth about $40,000. Finally, UBS Group AG purchased a new stake in Credo Technology Group during the first quarter worth about $69,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Stock Down 3.2 %

Shares of CRDO opened at $17.99 on Friday. The stock has a 50 day moving average price of $21.46 and a 200 day moving average price of $19.18. Credo Technology Group Holding Ltd has a 52-week low of $7.20 and a 52-week 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 analysts’ consensus estimates 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 company had revenue of $53.06 million during the quarter, compared to analysts’ expectations of $51.91 million. During the same quarter in the previous year, the business earned $0.02 earnings per share. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. Research analysts anticipate that Credo Technology Group Holding Ltd will post -0.12 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Craig Hallum boosted their price target on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday. Needham & Company LLC boosted their price objective on Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Mizuho reissued a “buy” rating and set a $30.00 price objective (up from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. The Goldman Sachs Group boosted their price objective on Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Finally, TD Cowen boosted their price objective on Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $24.25.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $20.93, for a total value of $209,300.00. Following the completion of the sale, the chief operating officer now owns 3,065,968 shares in the company, valued at $64,170,710.24. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, General Counsel Adam Thorngate-Gottlund sold 14,883 shares of the company’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $22.03, for a total transaction of $327,872.49. Following the completion of the sale, the general counsel now owns 218,249 shares in the company, valued at $4,808,025.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $20.93, for a total value of $209,300.00. Following the sale, the chief operating officer now owns 3,065,968 shares of the company’s stock, valued at approximately $64,170,710.24. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,816,218 shares of company stock worth $40,044,857. 23.89% of the stock is owned by insiders.

About Credo Technology Group

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.