Natixis Advisors LLC Has $888,000 Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Natixis Advisors LLC lifted its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 3.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 28,833 shares of the company’s stock after buying an additional 934 shares during the period. Natixis Advisors LLC’s holdings in Credo Technology Group were worth $888,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of CRDO. American International Group Inc. increased its holdings in shares of Credo Technology Group by 7.4% during the first quarter. American International Group Inc. now owns 61,286 shares of the company’s stock worth $1,299,000 after buying an additional 4,242 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Credo Technology Group by 47.6% during the first quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock worth $81,000 after buying an additional 1,229 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Credo Technology Group by 10.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 69,997 shares of the company’s stock worth $1,484,000 after buying an additional 6,813 shares in the last quarter. Public Employees Retirement Association of Colorado acquired a new position in shares of Credo Technology Group during the first quarter worth $352,000. Finally, California State Teachers Retirement System increased its holdings in Credo Technology Group by 7.7% in the first quarter. California State Teachers Retirement System now owns 128,795 shares of the company’s stock valued at $2,729,000 after purchasing an additional 9,218 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Credo Technology Group

In other news, insider James Laufman sold 20,000 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $31.36, for a total transaction of $627,200.00. Following the transaction, the insider now owns 302,466 shares of the company’s stock, valued at $9,485,333.76. This represents a 6.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $27.69, for a total transaction of $276,900.00. Following the transaction, the chief operating officer now directly 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 disclosure for this sale can be found here. Insiders have sold 1,324,817 shares of company stock valued at $43,552,936 in the last 90 days. 16.04% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CRDO. Barclays increased their price objective on Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. Roth Mkm increased their price objective on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Bank of America increased their price objective on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a report on Thursday, September 5th. Mizuho increased their price objective on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Finally, The Goldman Sachs Group increased their price objective on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a report on Friday, September 6th. One investment 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 company. According to data from MarketBeat.com, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus target price of $36.56.

Credo Technology Group Trading Down 2.1 %

Shares of Credo Technology Group stock opened at $45.71 on Thursday. The business has a 50-day moving average price of $38.14 and a two-hundred day moving average price of $31.56. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $48.94. The company has a market cap of $7.59 billion, a P/E ratio of -285.69 and a beta of 2.19.

Credo Technology Group (NASDAQ:CRDO) last released 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 the consensus estimate of $59.50 million. Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. Equities research analysts forecast 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.