Allspring Global Investments Holdings LLC Buys New Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Allspring Global Investments Holdings LLC bought a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 223,989 shares of the company’s stock, valued at approximately $4,361,000. Allspring Global Investments Holdings LLC owned about 0.15% of Credo Technology Group as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. raised its position in shares of Credo Technology Group by 255.4% in the 3rd quarter. BlackRock Inc. now owns 12,750,435 shares of the company’s stock worth $140,255,000 after acquiring an additional 9,162,371 shares in the last quarter. Capital Research Global Investors bought a new stake in Credo Technology Group in the first quarter worth approximately $125,306,000. Vanguard Group Inc. lifted its stake in Credo Technology Group by 263.1% in the third quarter. Vanguard Group Inc. now owns 6,940,826 shares of the company’s stock valued at $76,349,000 after buying an additional 5,029,051 shares during the period. Schonfeld Strategic Advisors LLC bought a new position in Credo Technology Group during the first quarter worth $29,508,000. Finally, State Street Corp grew its holdings in Credo Technology Group by 712.7% in the third quarter. State Street Corp now owns 2,955,370 shares of the company’s stock worth $32,509,000 after purchasing an additional 2,591,741 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CRDO. The Goldman Sachs Group increased their price objective on shares of Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Mizuho reiterated a “buy” rating and issued a $30.00 price target (up previously from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. Needham & Company LLC upped their target price on Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Craig Hallum boosted their target price on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Finally, TD Cowen lifted their price target on Credo Technology Group from $20.00 to $24.00 and gave the company a “market perform” rating in a research note on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and an average price target of $24.25.

Insider Buying and Selling at Credo Technology Group

In related news, COO Yat Tung Lam sold 315,601 shares of Credo Technology Group stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $22.93, for a total value of $7,236,730.93. Following the sale, the chief operating officer now owns 1,440,000 shares of the company’s stock, valued at approximately $33,019,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Credo Technology Group news, COO Yat Tung Lam sold 315,601 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $22.93, for a total transaction of $7,236,730.93. Following the sale, the chief operating officer now directly owns 1,440,000 shares of the company’s stock, valued at $33,019,200. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, General Counsel Adam Thorngate-Gottlund sold 14,883 shares of Credo Technology Group stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $22.03, for a total transaction of $327,872.49. Following the completion of the transaction, the general counsel now owns 218,249 shares of the company’s stock, valued at approximately $4,808,025.47. The disclosure for this sale can be found here. Insiders have sold a total of 1,816,218 shares of company stock worth $40,044,857 over the last three months. 23.89% of the stock is currently owned by insiders.

Credo Technology Group Stock Down 5.9 %

CRDO stock opened at $16.92 on Friday. The business has a 50 day moving average of $21.39 and a 200-day moving average of $19.17. The firm has a market cap of $2.76 billion, a PE ratio of -73.74 and a beta of 1.97. Credo Technology Group Holding Ltd has a 12-month low of $7.20 and a 12-month high of $23.90.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Tuesday, February 27th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. The company had revenue of $53.06 million for the quarter, compared to analysts’ expectations of $51.91 million. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.02 EPS. On average, research analysts expect that Credo Technology Group Holding Ltd will post -0.12 earnings per share for the current year.

Credo Technology Group Profile

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.