Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Purchased by Rhumbline Advisers

Rhumbline Advisers lifted its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 4.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 205,046 shares of the company’s stock after purchasing an additional 9,615 shares during the period. Rhumbline Advisers owned approximately 0.12% of Credo Technology Group worth $8,235,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in CRDO. Kestra Investment Management LLC purchased a new stake in shares of Credo Technology Group during the fourth quarter worth about $38,000. WASHINGTON TRUST Co purchased a new stake in shares of Credo Technology Group during the fourth quarter worth about $43,000. Principal Securities Inc. grew its holdings in shares of Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after buying an additional 576 shares in the last quarter. Quarry LP purchased a new stake in shares of Credo Technology Group during the fourth quarter worth about $58,000. Finally, Plato Investment Management Ltd purchased a new stake in shares of Credo Technology Group during the fourth quarter worth about $61,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Stock Down 3.6%

Shares of CRDO stock opened at $68.53 on Wednesday. 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 Holding Ltd has a fifty-two week low of $22.50 and a fifty-two week high of $86.69. The firm’s 50 day moving average price is $51.42 and its two-hundred day moving average price is $58.79.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.08. The firm had revenue of $170.00 million for the quarter, compared to analysts’ expectations of $159.59 million. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.94%. Credo Technology Group’s revenue was up 179.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.07 earnings per share. On average, equities analysts forecast that Credo Technology Group Holding Ltd will post 0.13 EPS for the current fiscal year.

Analyst Ratings Changes

CRDO has been the subject of a number of recent analyst reports. Cowen restated a “buy” rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. 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 report on Wednesday, March 5th. 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 report on Tuesday, June 3rd. Susquehanna restated a “positive” rating and issued a $90.00 target price (up from $60.00) on shares of Credo Technology Group in a report on Tuesday, June 3rd. Finally, Needham & Company LLC boosted their target price on shares of Credo Technology Group from $80.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday, June 3rd. Eleven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group currently has an average rating of “Buy” and a consensus price target of $78.60.

Insider Transactions at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 3,790 shares of the business’s stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $77.35, for a total transaction of $293,156.50. Following the transaction, the chief financial officer now directly owns 602,352 shares of the company’s stock, valued at approximately $46,591,927.20. The trade was a 0.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lip Bu Tan sold 75,000 shares of the business’s stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $75.20, for a total transaction of $5,640,000.00. Following the transaction, the director now directly owns 888,725 shares in the company, valued at approximately $66,832,120. The trade was a 7.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 679,594 shares of company stock valued at $35,108,005. 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.