Circle Wealth Management LLC Buys 23,397 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Circle Wealth Management LLC grew its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 84.6% in the third quarter, HoldingsChannel reports. The firm owned 51,064 shares of the company’s stock after buying an additional 23,397 shares during the quarter. Circle Wealth Management LLC’s holdings in Credo Technology Group were worth $1,572,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Allworth Financial LP boosted its stake in shares of Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after purchasing an additional 771 shares during the period. Arcadia Investment Management Corp MI purchased a new position in shares of Credo Technology Group during the second quarter valued at approximately $29,000. Rakuten Securities Inc. bought a new position in shares of Credo Technology Group during the third quarter valued at approximately $30,000. Fifth Third Bancorp raised its holdings in shares of Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after buying an additional 400 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its stake in shares of Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after acquiring an additional 1,001 shares during the last quarter. 80.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CRDO. Roth Mkm increased their price objective on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. The Goldman Sachs Group upped their price objective on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Craig Hallum raised their target price on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Stifel Nicolaus boosted their price target on shares of Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Bank of America lifted their price objective on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.56.

Insider Transactions at Credo Technology Group

In related news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the completion of the sale, the director now owns 2,638,725 shares of the company’s stock, valued at $80,481,112.50. The trade was a 5.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 value of $1,763,300.00. Following the completion of the sale, the chief technology officer now owns 9,113,602 shares in the company, valued at approximately $292,182,080.12. This represents a 0.60 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,324,817 shares of company stock worth $43,552,936. Company insiders own 16.04% of the company’s stock.

Credo Technology Group Trading Up 7.1 %

Shares of CRDO opened at $48.96 on Friday. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $51.40. The stock has a fifty day moving average price of $39.24 and a 200-day moving average price of $31.97. The firm has a market cap of $8.13 billion, a PE ratio of -306.00 and a beta of 2.19.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data 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 company had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. As a group, research analysts forecast that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

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.