Connors Investor Services Inc. Buys New Stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Connors Investor Services Inc. bought a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 1st quarter, according to its most recent filing with the SEC. The fund bought 122,292 shares of the company’s stock, valued at approximately $2,591,000. Connors Investor Services Inc. owned 0.07% of Credo Technology Group at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Carnegie Capital Asset Management LLC lifted its stake in shares of Credo Technology Group by 19.4% in the 4th quarter. Carnegie Capital Asset Management LLC now owns 293,470 shares of the company’s stock valued at $5,714,000 after purchasing an additional 47,650 shares during the period. AMF Tjanstepension AB grew its holdings in shares of Credo Technology Group by 31.8% during the first quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock worth $36,302,000 after buying an additional 413,149 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Credo Technology Group by 13.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 958,316 shares of the company’s stock worth $18,658,000 after buying an additional 111,957 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Credo Technology Group by 31.3% during the third quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock worth $191,705,000 after buying an additional 2,993,303 shares in the last quarter. Finally, Moody Aldrich Partners LLC grew its holdings in shares of Credo Technology Group by 67.8% during the fourth quarter. Moody Aldrich Partners LLC now owns 202,707 shares of the company’s stock worth $3,947,000 after buying an additional 81,904 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Stifel Nicolaus upped their target price on shares of Credo Technology Group from $30.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday. Barclays upped their target price on shares of Credo Technology Group from $23.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. Needham & Company LLC upped their price objective on shares of Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a report on Thursday, May 30th. TD Cowen upped their price objective on shares of Credo Technology Group from $35.00 to $40.00 and gave the company a “buy” rating in a report on Monday, July 15th. Finally, Craig Hallum upped their price objective on shares of Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a report on Monday, April 15th. One investment analyst has rated the stock with a sell rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $30.38.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 245,438 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $32.67, for a total value of $8,018,459.46. Following the transaction, the director now owns 2,863,725 shares of the company’s stock, valued at $93,557,895.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $30.63, for a total transaction of $1,684,650.00. Following the sale, the chief technology officer now owns 9,388,602 shares of the company’s stock, valued at $287,572,879.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lip Bu Tan sold 245,438 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $32.67, for a total transaction of $8,018,459.46. Following the sale, the director now directly owns 2,863,725 shares in the company, valued at approximately $93,557,895.75. The disclosure for this sale can be found here. Insiders have sold 881,678 shares of company stock valued at $24,491,344 over the last 90 days. 23.89% of the stock is owned by insiders.

Credo Technology Group Trading Down 0.2 %

NASDAQ CRDO traded down $0.07 during trading hours on Friday, reaching $29.50. The company had a trading volume of 1,088,498 shares, compared to its average volume of 2,102,077. The stock has a 50-day moving average of $26.76 and a 200 day moving average of $22.61. Credo Technology Group Holding Ltd has a 1-year low of $13.38 and a 1-year high of $33.96. The stock has a market capitalization of $4.87 billion, a P/E ratio of -163.89 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Wednesday, May 29th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). Credo Technology Group had a negative net margin of 14.70% and a negative return on equity of 4.51%. The company had revenue of $60.78 million during the quarter, compared to analyst estimates of $60.50 million. As a group, sell-side analysts predict that Credo Technology Group Holding Ltd will post 0.07 EPS for the current year.

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.