Credo Technology Group Holding Ltd (NASDAQ:CRDO) Holdings Cut by Victory Capital Management Inc.

Victory Capital Management Inc. decreased its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 0.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 681,068 shares of the company’s stock after selling 2,225 shares during the quarter. Victory Capital Management Inc. owned approximately 0.41% of Credo Technology Group worth $20,977,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Aigen Investment Management LP purchased a new stake in Credo Technology Group in the 3rd quarter worth approximately $271,000. Rakuten Securities Inc. acquired a new position in shares of Credo Technology Group during the 3rd quarter worth $30,000. GSA Capital Partners LLP acquired a new position in shares of Credo Technology Group during the 3rd quarter worth $671,000. Chartwell Investment Partners LLC increased its stake in shares of Credo Technology Group by 19.0% during the 3rd quarter. Chartwell Investment Partners LLC now owns 50,438 shares of the company’s stock worth $1,553,000 after purchasing an additional 8,043 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Credo Technology Group during the 3rd quarter worth $565,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

CRDO has been the topic of several analyst reports. Stifel Nicolaus increased their price target on shares of Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Roth Mkm increased 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. Mizuho increased their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Finally, Needham & Company LLC raised their target price on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. One research 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’s stock. According to MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and an average price target of $36.56.

Insiders Place Their Bets

In other news, COO Yat Tung Lam sold 10,000 shares of the firm’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 directly owns 2,885,840 shares of the company’s stock, valued at approximately $79,908,909.60. This trade represents a 0.35 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $32.06, for a total transaction of $1,763,300.00. Following the transaction, the chief technology officer now directly owns 9,113,602 shares of the company’s stock, valued at $292,182,080.12. The trade was a 0.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,324,817 shares of company stock worth $43,552,936 in the last ninety days. Insiders own 16.04% of the company’s stock.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $40.60 on Tuesday. The firm has a market capitalization of $6.74 billion, a price-to-earnings ratio of -253.75 and a beta of 2.19. The company’s fifty day moving average is $35.62 and its two-hundred day moving average is $30.21. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $48.94.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results 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). The company had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. As a group, sell-side analysts expect that Credo Technology Group Holding Ltd will post -0.02 earnings per share 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.