Primecap Management Co. CA increased its position in Credo Technology Group Holding Ltd (NASDAQ: CRDO – Get Report) by 91.2% during the third quarter, according to its most recent Form 13F filing with the SEC. After acquiring an extra 11,400 shares over time, the institutional investor held 23,900 shares of the company’s common stock. The value of Primecap Management Co. CA’s Credo Technology Group holdings at the conclusion of the most recent reporting period was $263,000.
Credo Technologies Shares are Rising.
Many other institutional investors have lately altered their holdings in CRDO. During the third quarter, BlackRock Inc. increased its holdings in shares of Credo Technology Group by 255.4%. BlackRock Inc. now owns 12,750,435 shares of the company’s stock valued at $140,255,000 after acquiring an additional 9,162,371 shares in the preceding quarter. During the first quarter, Capital Research Global Investors acquired a new interest in Credo Technology Group worth $125,306,000. During the third quarter, Point72 Asset Management L.P. increased its position in Credo Technology Group by 120.6%. Point72 Asset Management L.P. now owns 3,974,443 shares of the company’s stock valued at $43,719,000 after purchasing an additional 2,172,475 shares in the last recent quarter. During the first quarter, Vanguard Group Inc. purchased a new holding in Credo Technology Group shares worth $29,191,000. During the third quarter, Elemental Capital Partners LLC purchased a new position in Credo Technology Group shares worth $8,600,000. Currently, 40.46 percent of the stock is held by hedge funds and other institutional investors.
Insider Transactions.
In related news, Director Lip Bu Tan sold 37,274 shares of the business’s stock on Wednesday, December 14th. At an average price of $15.05, the shares were sold for a total of $560,973.70. The director now owns 4,359,072 shares of the company’s stock valued at approximately $65,604,033.60 following the completion of the transaction. The transaction was disclosed in an SEC filing, which is accessible via this link. In other news, Chief Operating Officer Yat Tung Lam sold 2,590 shares of the company’s stock on March 1st. The shares were sold at an average price of $10.42 per share, resulting in a transaction volume of $26,987.80. After the conclusion of the transaction, the chief operating officer now owns 3,126,298 shares of the company’s stock worth approximately $32,576,025.16. The transaction was disclosed in an SEC filing, which is accessible via this link. Also, Director Lip Bu Tan sold 37,274 shares of the business’s stock on Wednesday, December 14th. At an average price of $15.05, the shares were sold for a total of $560,973.70. The director now directly owns 4,359,072 shares of the company’s stock, valued at approximately $65,604,033.60 as a result of the transaction. Below is the disclosure for this transaction. In the past 90 days, insiders sold a total of 448,130 shares of company stock valued at $6,425,290. 34.20% of the company’s shares are now held by insiders.
Trading for Credo Technology Group.
Friday’s opening price for CRDO shares was $9.60, a decrease of 3.7% from Thursday’s opening price of $10.10. The twelve-month low for Credo Technology Group Holdings Ltd is $8.61 and the twelve-month high is $19.46. The firm’s 50-day and 200-day moving average prices are $13.93 and $13.91 respectively. The business has a $1.42 billion market capitalization, a price-to-earnings ratio of -240,00, and a beta of 2.08.
Experts Establish New Cost Goals.
Numerous research companies have published papers on CRDO recently. Cowen downgraded Credo Technology Group from “outperform” to “market perform” and set a price objective of $11.00 for the stock. Wednesday, February 15th, in an academic paper. Tuesday, February 28th, BNP Paribas initiated coverage on Credo Technology Group in a research note. They assigned the business a “outperform” rating and a $13.00 price objective. In a research report dated February 15th, Stifel Nicolaus lowered their price objective on Credo Technology Group from $19.00 to $14.00 and assigned the company a “buy” rating. In a research report dated March 2nd, Needham & Company LLC restated a “buy” rating and set a $15.00 price objective on shares of Credo Technology Group. In a research report dated Wednesday, February 15th, Mizuho decreased their target price on shares of Credo Technology Group from $20.00 to $16.00 and assigned the company a “buy” rating. One equity research analyst has given a sell recommendation to the stock, two have assigned a hold rating, and six have assigned a buy rating. The business now has an average rating of “Moderate Buy” and an average price target of $14.50, according to data from MarketBeat.
Profile of Credo Technology Group (Get Rating)
Credo Technology Group Holding Ltd offers a variety of high-speed connectivity options for optical and electrical Ethernet applications in the United States, Mexico, Mainland China, Hong Kong, and globally. It offers integrated circuits, active electrical cables, and SerDes chipsets based on its serializer/deserializer and digital signal processor technology.