Primecap Management Co. CA Sells 107,700 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Primecap Management Co. CA reduced its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 13.4% in the third quarter, HoldingsChannel.com reports. The firm owned 698,900 shares of the company’s stock after selling 107,700 shares during the period. Primecap Management Co. CA’s holdings in Credo Technology Group were worth $21,526,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Assetmark Inc. boosted its position in shares of Credo Technology Group by 5.4% during the third quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after buying an additional 257 shares during the last quarter. Fifth Third Bancorp boosted its holdings in Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after acquiring an additional 400 shares during the last quarter. Advisors Asset Management Inc. grew its stake in shares of Credo Technology Group by 11.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock worth $145,000 after acquiring an additional 478 shares in the last quarter. CWM LLC raised its holdings in shares of Credo Technology Group by 78.1% in the second 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 last quarter. Finally, US Bancorp DE raised its holdings in shares of Credo Technology Group by 4.2% in the third quarter. US Bancorp DE now owns 16,210 shares of the company’s stock valued at $499,000 after purchasing an additional 649 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $46.18 on Friday. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $48.94. The firm’s fifty day moving average price is $36.65 and its 200-day moving average price is $30.65. The stock has a market cap of $7.67 billion, a P/E ratio of -288.63 and a beta of 2.19.

Credo Technology Group (NASDAQ:CRDO) last issued 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). 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 the consensus estimate of $59.50 million. On average, analysts predict that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. The Goldman Sachs Group upped their price objective on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Craig Hallum increased their price target on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Stifel Nicolaus lifted their price target on Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Mizuho increased their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Finally, TD Cowen raised Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. One 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 stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $36.56.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business’s 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 sale, the chief technology officer now directly owns 8,728,602 shares of the company’s stock, valued at $413,473,876.74. The trade was a 0.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider James Laufman sold 20,000 shares of the company’s 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 sale, the insider now owns 302,466 shares of the company’s stock, valued at approximately $9,485,333.76. The trade was a 6.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,324,817 shares of company stock worth $43,552,936 in the last quarter. 16.04% of the stock is owned by insiders.

Credo Technology Group 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.