Chartwell Investment Partners LLC Has $1.55 Million Stock Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Chartwell Investment Partners LLC increased its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 19.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,438 shares of the company’s stock after buying an additional 8,043 shares during the period. Chartwell Investment Partners LLC’s holdings in Credo Technology Group were worth $1,553,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CRDO. Thornburg Investment Management Inc. lifted its position in Credo Technology Group by 37.1% during the 1st quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock valued at $5,029,000 after purchasing an additional 64,177 shares during the period. Principal Financial Group Inc. increased its stake in shares of Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after acquiring an additional 368,518 shares during the last quarter. Carnegie Investment Counsel increased its stake in shares of Credo Technology Group by 7.3% in the 3rd quarter. Carnegie Investment Counsel now owns 312,000 shares of the company’s stock valued at $9,610,000 after acquiring an additional 21,350 shares during the last quarter. Swiss National Bank increased its stake in shares of Credo Technology Group by 14.7% in 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 last quarter. Finally, Castleark Management LLC bought a new stake in shares of Credo Technology Group in the 1st quarter valued at about $3,876,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Buying and Selling at Credo Technology Group

In other news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $27.69, for a total transaction of $276,900.00. Following the completion of the sale, the chief operating officer now directly owns 2,885,840 shares of the company’s stock, valued at $79,908,909.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Credo Technology Group news, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction dated 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 $65,140,753.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $27.69, for a total transaction of $276,900.00. Following the completion of the transaction, the chief operating officer now owns 2,885,840 shares in the company, valued at approximately $79,908,909.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,379,817 shares of company stock valued at $45,262,336. Corporate insiders own 16.04% of the company’s stock.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $46.45 on Wednesday. Credo Technology Group Holding Ltd has a fifty-two week low of $15.54 and a fifty-two week high of $48.94. The firm has a market capitalization of $7.71 billion, a P/E ratio of -290.31 and a beta of 2.19. The company’s 50 day moving average price is $34.71 and its two-hundred day moving average price is $29.69.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. The business had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. On average, analysts expect that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CRDO has been the subject of a number of research reports. Needham & Company LLC increased their target price on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. Bank of America increased their target price on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research note on Thursday, September 5th. Roth Mkm raised their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Barclays raised their price target on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. 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 equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.56.

Credo Technology Group Company 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.