KP Management LLC Makes New $2.77 Million Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

KP Management LLC bought a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 90,000 shares of the company’s stock, valued at approximately $2,772,000. KP Management LLC owned approximately 0.05% of Credo Technology Group as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of CRDO. Swedbank AB raised its position in Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after buying an additional 2,961,454 shares during the period. Vanguard Group Inc. lifted its position in shares of Credo Technology Group by 11.3% in the fourth quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock worth $272,414,000 after purchasing an additional 1,420,664 shares in the last quarter. TimesSquare Capital Management LLC acquired a new stake in shares of Credo Technology Group during the first quarter worth approximately $22,535,000. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Credo Technology Group by 290.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company’s stock worth $25,096,000 after purchasing an additional 881,344 shares during the period. Finally, Westfield Capital Management Co. LP purchased a new position in Credo Technology Group during the first quarter valued at approximately $17,847,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $39.24, for a total value of $2,158,200.00. Following the transaction, the chief technology officer now directly owns 8,838,602 shares in the company, valued at approximately $346,826,742.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Credo Technology Group news, insider James Laufman sold 20,000 shares of the firm’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $31.36, for a total value of $627,200.00. Following the sale, the insider now directly owns 302,466 shares in the company, valued at $9,485,333.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the transaction, the chief technology officer now owns 8,838,602 shares in the company, valued at approximately $346,826,742.48. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,444,817 shares of company stock valued at $45,913,586 in the last quarter. Insiders own 23.89% of the company’s stock.

Credo Technology Group Stock Performance

Shares of CRDO stock opened at $39.38 on Monday. The company has a market capitalization of $6.50 billion, a price-to-earnings ratio of -217.67 and a beta of 2.24. The stock’s 50 day simple moving average is $32.68 and its 200 day simple moving average is $27.66. Credo Technology Group Holding Ltd has a twelve month low of $13.38 and a twelve month high of $40.37.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The firm 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, analysts forecast that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.

Analyst Ratings Changes

CRDO has been the subject of a number of research analyst reports. TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Barclays lifted their price objective on Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. Needham & Company LLC upped their target price on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. The Goldman Sachs Group lifted their price target on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Craig Hallum boosted their price target on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. One investment 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’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $36.56.

About Credo Technology Group

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.