Assetmark Inc. Buys 257 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Assetmark Inc. grew its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 5.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 4,978 shares of the company’s stock after acquiring an additional 257 shares during the quarter. Assetmark Inc.’s holdings in Credo Technology Group were worth $153,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Allworth Financial LP grew its stake in shares of Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares during the period. Arcadia Investment Management Corp MI bought a new stake in shares of Credo Technology Group in the 2nd quarter valued at approximately $29,000. Fifth Third Bancorp grew its stake in shares of Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares during the period. CWM LLC grew its stake in shares of Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after purchasing an additional 594 shares during the period. Finally, Cranbrook Wealth Management LLC bought a new stake in Credo Technology Group during the 2nd quarter worth approximately $51,000. 80.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on CRDO. Bank of America increased their price target on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research report on Thursday, September 5th. The Goldman Sachs Group increased their price target on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Mizuho increased their price target on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Needham & Company LLC increased their price target on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Finally, Roth Mkm increased their price target on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $36.56.

Insider Activity

In other news, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total value of $4,575,000.00. Following the transaction, the director now owns 2,638,725 shares of the company’s stock, valued at $80,481,112.50. This represents a 5.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $47.37, for a total value of $2,605,350.00. Following the completion of the transaction, the chief technology officer now directly owns 8,728,602 shares in the company, valued at approximately $413,473,876.74. This trade represents a 0.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,324,817 shares of company stock valued at $43,552,936 in the last 90 days. 16.04% of the stock is owned by company insiders.

Credo Technology Group Stock Performance

NASDAQ:CRDO opened at $39.76 on Monday. The stock’s fifty day moving average price is $35.62 and its two-hundred day moving average price is $30.12. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $48.94. The company has a market cap of $6.60 billion, a price-to-earnings ratio of -248.50 and a beta of 2.19.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. On average, equities analysts predict that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.

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.