3,563 Shares of Credo Technology Group Holding Ltd. $CRDO Bought by United Asset Strategies Inc.

United Asset Strategies Inc. bought a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the third quarter, HoldingsChannel reports. The firm bought 3,563 shares of the company’s stock, valued at approximately $694,000.

Several other institutional investors and hedge funds have also bought and sold shares of CRDO. Bank of America Corp DE boosted its position in Credo Technology Group by 13.7% during the second quarter. Bank of America Corp DE now owns 2,182,764 shares of the company’s stock valued at $593,603,000 after purchasing an additional 262,479 shares during the last quarter. Atreides Management LP increased its position in shares of Credo Technology Group by 3.5% during the 2nd quarter. Atreides Management LP now owns 1,129,285 shares of the company’s stock worth $307,109,000 after purchasing an additional 38,052 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Credo Technology Group by 192.1% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company’s stock worth $98,290,000 after purchasing an additional 688,596 shares during the last quarter. Value Aligned Research Advisors LLC bought a new stake in shares of Credo Technology Group during the 2nd quarter worth approximately $91,919,000. Finally, Zevenbergen Capital Investments LLC raised its stake in shares of Credo Technology Group by 4.9% during the 3rd quarter. Zevenbergen Capital Investments LLC now owns 418,991 shares of the company’s stock worth $81,615,000 after purchasing an additional 19,685 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Insiders Place Their Bets

In other Credo Technology Group news, Director Pantas Sutardja sold 1,540 shares of the company’s stock in a transaction on Monday, October 12th. The stock was sold at an average price of $212.22, for a total value of $326,818.80. Following the transaction, the director directly owned 5,890,494 shares of the company’s stock, valued at $1,250,080,636.68. This represents a 0.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of the stock in a transaction on Tuesday, October 27th. The stock was sold at an average price of $164.12, for a total value of $4,513,300.00. Following the transaction, the chief technology officer owned 5,552,397 shares in the company, valued at $911,259,395.64. The trade was a 0.49% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 352,538 shares of company stock worth $67,200,077 over the last three months. 9.06% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CRDO shares. Rosenblatt Securities reissued a “neutral” rating and issued a $235.00 price objective on shares of Credo Technology Group in a report on Thursday, October 15th. Weiss Ratings downgraded shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, October 6th. Zacks Research lowered shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. Barclays increased their price target on shares of Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, July 20th. Finally, Susquehanna lifted their price objective on shares of Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $262.67.

Credo Technology Group Stock Down 8.7%

Shares of NASDAQ:CRDO opened at $150.99 on Friday. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67. The business has a 50 day moving average of $188.40 and a 200-day moving average of $180.84. The stock has a market cap of $28.38 billion, a PE ratio of 53.73, a P/E/G ratio of 0.66 and a beta of 3.25.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.03. The company had revenue of $479.00 million for the quarter, compared to analyst estimates of $473.30 million. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The firm’s quarterly revenue was up 114.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.52 earnings per share. Equities research analysts expect that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current year.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.