Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stake Increased by Rhumbline Advisers

Rhumbline Advisers increased its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 4.9% in the first quarter, Holdings Channel reports. The institutional investor owned 205,046 shares of the company’s stock after acquiring an additional 9,615 shares during the quarter. Rhumbline Advisers’ holdings in Credo Technology Group were worth $8,235,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Proficio Capital Partners LLC bought a new stake in shares of Credo Technology Group in the fourth quarter worth $700,000. Charles Schwab Investment Management Inc. increased its stake in shares of Credo Technology Group by 3.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company’s stock worth $79,289,000 after buying an additional 43,169 shares during the last quarter. Vontobel Holding Ltd. increased its stake in shares of Credo Technology Group by 3.4% in the fourth quarter. Vontobel Holding Ltd. now owns 19,584 shares of the company’s stock worth $1,316,000 after buying an additional 635 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Credo Technology Group by 7.0% in the fourth quarter. Bank of New York Mellon Corp now owns 562,382 shares of the company’s stock worth $37,798,000 after buying an additional 36,949 shares during the last quarter. Finally, Amalgamated Bank increased its stake in shares of Credo Technology Group by 9.4% in the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock worth $321,000 after buying an additional 411 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on CRDO shares. Bank of America lowered their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Cowen reiterated a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. TD Cowen boosted their target price on shares of Credo Technology Group from $50.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, June 3rd. Barclays set a $85.00 target price on shares of Credo Technology Group and gave the company an “overweight” rating in a research note on Tuesday, June 3rd. Finally, Susquehanna reiterated a “positive” rating and set a $90.00 target price (up previously from $60.00) on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Eleven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $78.60.

Credo Technology Group Trading Down 3.6%

NASDAQ CRDO opened at $68.53 on Wednesday. The company has a 50-day moving average price of $51.42 and a two-hundred day moving average price of $58.79. Credo Technology Group Holding Ltd has a 52 week low of $22.50 and a 52 week high of $86.69. The stock has a market cap of $11.64 billion, a price-to-earnings ratio of -456.87 and a beta of 2.42.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. Credo Technology Group had a negative return on equity of 2.94% and a negative net margin of 9.70%. The business had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. During the same period in the previous year, the firm posted $0.07 earnings per share. The business’s revenue was up 179.6% on a year-over-year basis. As a group, equities research analysts expect that Credo Technology Group Holding Ltd will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $47.29, for a total value of $2,600,950.00. Following the completion of the transaction, the chief technology officer now owns 8,103,602 shares in the company, valued at $383,219,338.58. This represents a 0.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $40.75, for a total transaction of $154,442.50. Following the completion of the transaction, the chief financial officer now owns 608,602 shares of the company’s stock, valued at $24,800,531.50. This represents a 0.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 679,594 shares of company stock valued at $35,108,005 in the last quarter. Corporate insiders own 16.04% of the company’s stock.

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.