Primecap Management Co. CA Sells 107,700 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Primecap Management Co. CA decreased its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 13.4% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 698,900 shares of the company’s stock after selling 107,700 shares during the period. Primecap Management Co. CA owned about 0.42% of Credo Technology Group worth $21,526,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the business. Allworth Financial LP boosted its holdings in Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after purchasing an additional 771 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new position in shares of Credo Technology Group during the 2nd quarter worth about $29,000. Rakuten Securities Inc. bought a new position in shares of Credo Technology Group in the 3rd quarter valued at about $30,000. Fifth Third Bancorp increased its position 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 valued at $34,000 after acquiring an additional 400 shares during the last quarter. Finally, Covestor Ltd raised its holdings in Credo Technology Group by 19,240.0% during the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock worth $41,000 after acquiring an additional 1,924 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CRDO has been the subject of a number of analyst reports. Stifel Nicolaus raised their price target on Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. TD Cowen raised shares of Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. The Goldman Sachs Group upped their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. 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 research report on Thursday, September 5th. Finally, Roth Mkm upped their target price on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $36.56.

Credo Technology Group Stock Up 7.5 %

CRDO opened at $46.18 on Friday. The stock has a market capitalization of $7.67 billion, a price-to-earnings ratio of -288.63 and a beta of 2.19. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $48.94. The company has a 50-day simple moving average of $36.65 and a 200 day simple moving average of $30.65.

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

Insider Buying and Selling at Credo Technology Group

In related news, Director Lip Bu Tan sold 150,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $30.50, for a total transaction 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 $80,481,112.50. This represents a 5.38 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $32.06, for a total transaction of $1,763,300.00. Following the completion of the transaction, the chief technology officer now directly owns 9,113,602 shares of the company’s stock, valued at approximately $292,182,080.12. The trade was a 0.60 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,324,817 shares of company stock valued at $43,552,936. 16.04% of the stock is currently owned by corporate insiders.

Credo Technology Group 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.