Circle Wealth Management LLC Acquires 23,397 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Circle Wealth Management LLC increased its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 84.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 51,064 shares of the company’s stock after acquiring an additional 23,397 shares during the period. Circle Wealth Management LLC’s holdings in Credo Technology Group were worth $1,572,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CRDO. Driehaus Capital Management LLC lifted its position in Credo Technology Group by 3.1% in the second quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock valued at $121,097,000 after purchasing an additional 115,271 shares during the last quarter. Swedbank AB raised its holdings in shares of Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after acquiring an additional 2,961,454 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its stake in Credo Technology Group by 9.1% in the second quarter. D. E. Shaw & Co. Inc. now owns 2,431,433 shares of the company’s stock worth $77,660,000 after acquiring an additional 203,739 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Credo Technology Group by 13.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company’s stock valued at $67,473,000 after acquiring an additional 242,428 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in Credo Technology Group by 22.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after purchasing an additional 368,518 shares during the period. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $48.96 on Friday. The company has a 50-day simple moving average of $39.24 and a two-hundred day simple moving average of $31.97. The stock has a market capitalization of $8.13 billion, a PE ratio of -306.00 and a beta of 2.19. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $51.40.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The business had revenue of $59.71 million for the quarter, compared to analysts’ expectations of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. As a group, equities research analysts forecast that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.

Insider Activity

In other news, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $27.69, for a total transaction of $276,900.00. Following the transaction, the chief operating officer now owns 2,885,840 shares in the company, valued at $79,908,909.60. This trade represents a 0.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider James Laufman sold 20,000 shares of Credo Technology Group stock in a transaction on Friday, September 27th. The shares were sold at an average price of $31.36, for a total value of $627,200.00. Following the transaction, the insider now owns 302,466 shares in the company, valued at $9,485,333.76. This trade represents a 6.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,324,817 shares of company stock valued at $43,552,936 over the last three months. Insiders own 16.04% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on CRDO. Bank of America raised their target price on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research report on Thursday, September 5th. TD Cowen raised Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Stifel Nicolaus increased their target price on Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Mizuho raised their target price on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Finally, The Goldman Sachs Group upped their price target on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $36.56.

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.