18,336 Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Bought by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC purchased a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 18,336 shares of the company’s stock, valued at approximately $565,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CRDO. Swiss National Bank grew its stake in shares of Credo Technology Group by 14.7% during the 1st quarter. Swiss National Bank now owns 254,416 shares of the company’s stock valued at $5,391,000 after acquiring an additional 32,600 shares during the period. Sei Investments Co. boosted its position in shares of Credo Technology Group by 18.8% in the first quarter. Sei Investments Co. now owns 111,034 shares of the company’s stock worth $2,353,000 after purchasing an additional 17,540 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Credo Technology Group by 5.7% in the first quarter. Russell Investments Group Ltd. now owns 356,370 shares of the company’s stock worth $7,551,000 after purchasing an additional 19,105 shares in the last quarter. ProShare Advisors LLC raised its position in shares of Credo Technology Group by 17.6% during the 1st quarter. ProShare Advisors LLC now owns 22,343 shares of the company’s stock valued at $473,000 after purchasing an additional 3,346 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Credo Technology Group during the 1st quarter valued at $4,149,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. Mizuho boosted their price target on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Needham & Company LLC increased their price objective on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Roth Mkm lifted their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Finally, Bank of America upped 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. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $36.56.

Insiders Place Their Bets

In other Credo Technology Group news, insider James Laufman sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $31.36, for a total transaction of $627,200.00. Following the completion of the transaction, the insider now owns 302,466 shares in the company, valued at $9,485,333.76. The trade was a 6.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $25.75, for a total value of $3,704,910.00. Following the transaction, the chief executive officer now directly owns 2,529,738 shares in the company, valued at approximately $65,140,753.50. This represents a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,379,817 shares of company stock valued at $45,262,336 over the last three months. 16.04% of the stock is owned by company insiders.

Credo Technology Group Trading Down 5.1 %

Shares of NASDAQ CRDO opened at $39.76 on Friday. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $48.94. The firm’s 50-day moving average price is $35.62 and its 200-day moving average price is $30.12. The stock has a market capitalization of $6.60 billion, a price-to-earnings ratio of -248.50 and a beta of 2.19.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The company 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%. On average, equities analysts predict that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.

About Credo Technology Group

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.