Credo Technology Group Holding Ltd. $CRDO Shares Newly Purchased by Prescott Group Capital Management L.L.C.

Prescott Group Capital Management L.L.C. bought a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the third quarter, HoldingsChannel.com reports. The firm bought 10,000 shares of the company’s stock, valued at approximately $1,948,000.

Other hedge funds also recently made changes to their positions in the company. Bank of America Corp DE raised its position in shares of Credo Technology Group by 13.7% in the second quarter. Bank of America Corp DE now owns 2,182,764 shares of the company’s stock valued at $593,603,000 after buying an additional 262,479 shares in the last quarter. Atreides Management LP grew its position in Credo Technology Group by 3.5% during the second quarter. Atreides Management LP now owns 1,129,285 shares of the company’s stock worth $307,109,000 after buying an additional 38,052 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Credo Technology Group by 192.1% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company’s stock worth $98,290,000 after acquiring an additional 688,596 shares during the period. Value Aligned Research Advisors LLC bought a new position in Credo Technology Group during the 2nd quarter worth $91,919,000. Finally, Zevenbergen Capital Investments LLC raised its holdings in Credo Technology Group by 4.9% in the 3rd quarter. Zevenbergen Capital Investments LLC now owns 418,991 shares of the company’s stock valued at $81,615,000 after acquiring an additional 19,685 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CRDO. Bank of America cut their target price on Credo Technology Group from $340.00 to $275.00 and set a “buy” rating for the company in a research report on Wednesday, September 2nd. Susquehanna raised their price target on Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research report on Tuesday, July 21st. Zacks Research downgraded Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. JPMorgan Chase & Co. cut their price objective on shares of Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating for the company in a research report on Wednesday, September 2nd. Finally, Stifel Nicolaus cut their price objective on shares of Credo Technology Group from $350.00 to $310.00 and set a “buy” rating for the company in a research report on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $262.67.

Credo Technology Group Stock Performance

Shares of CRDO opened at $150.91 on Wednesday. Credo Technology Group Holding Ltd. has a 52-week low of $86.49 and a 52-week high of $308.67. The business’s fifty day moving average is $185.15 and its 200-day moving average is $180.71. The firm has a market cap of $28.36 billion, a price-to-earnings ratio of 53.70, a PEG ratio of 0.56 and a beta of 3.29.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.03. The business had revenue of $479.00 million during the quarter, compared to the consensus estimate of $473.30 million. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. Credo Technology Group’s revenue for the quarter was up 114.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.52 EPS. As a group, research analysts forecast that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO Chi Cheng sold 27,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 27th. The shares were sold at an average price of $164.12, for a total transaction of $4,513,300.00. Following the completion of the transaction, the chief technology officer directly owned 5,552,397 shares in the company, valued at $911,259,395.64. This represents a 0.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Pantas Sutardja sold 1,540 shares of the stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $212.22, for a total transaction of $326,818.80. Following the completion of the transaction, the director directly owned 5,890,494 shares of the company’s stock, valued at approximately $1,250,080,636.68. The trade was a 0.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 352,538 shares of company stock worth $67,200,077 in the last quarter. Corporate insiders own 9.06% of the company’s stock.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.