Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock Position Lowered by Migdal Insurance & Financial Holdings Ltd.

Migdal Insurance & Financial Holdings Ltd. lessened its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 23.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,498 shares of the company’s stock after selling 1,348 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in Credo Technology Group were worth $89,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of CRDO. Royal Bank of Canada purchased a new position in shares of Credo Technology Group during the first quarter valued at $26,000. Ameritas Investment Partners Inc. purchased a new position in shares of Credo Technology Group during the first quarter valued at $26,000. Advisors Asset Management Inc. grew its holdings in shares of Credo Technology Group by 295.9% during the third quarter. Advisors Asset Management Inc. now owns 1,841 shares of the company’s stock valued at $28,000 after buying an additional 1,376 shares in the last quarter. Altshuler Shaham Ltd purchased a new position in shares of Credo Technology Group during the fourth quarter valued at $40,000. Finally, UBS Group AG purchased a new position in shares of Credo Technology Group during the first quarter valued at $69,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Stock Down 3.2 %

Shares of NASDAQ:CRDO opened at $17.99 on Friday. Credo Technology Group Holding Ltd has a fifty-two week low of $7.20 and a fifty-two week high of $23.90. The business has a 50-day moving average of $21.46 and a two-hundred day moving average of $19.18.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CRDO. 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 report on Wednesday, February 28th. Needham & Company LLC lifted their price target on Credo Technology Group from $24.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, February 28th. The Goldman Sachs Group lifted their price target on Credo Technology Group from $23.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, February 28th. Craig Hallum boosted their target price on Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Monday. Finally, Mizuho restated a “buy” rating and issued a $30.00 target price (up previously from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. One 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.25.

Insider Buying and Selling

In related news, General Counsel Adam Thorngate-Gottlund sold 14,883 shares of the business’s 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Credo Technology Group news, General Counsel Adam Thorngate-Gottlund sold 14,883 shares of the company’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $22.03, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $20.93, for a total value of $209,300.00. Following the completion of the transaction, the chief operating officer now directly owns 3,065,968 shares of the company’s stock, valued at approximately $64,170,710.24. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,816,218 shares of company stock valued at $40,044,857. Insiders own 23.89% of the company’s stock.

Credo Technology Group Company 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.