10,000 Shares of Credo Technology Group Holding Ltd. $CRDO Bought by Prescott Group Capital Management L.L.C.

Prescott Group Capital Management L.L.C. bought a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 10,000 shares of the company’s stock, valued at approximately $1,948,000.

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

Insider Activity

In other news, COO Yat Lam sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $206.30, for a total value of $10,315,000.00. Following the transaction, the chief operating officer owned 2,479,169 shares of the company’s stock, valued at approximately $511,452,564.70. This represents a 1.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Brennan sold 16,672 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $151.88, for a total value of $2,532,143.36. Following the transaction, the chief executive officer owned 1,600,830 shares in the company, valued at approximately $243,134,060.40. This trade represents a 1.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 352,538 shares of company stock valued at $67,200,077. 9.06% of the stock is owned by insiders.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $150.91 on Wednesday. The company has a market cap of $28.36 billion, a P/E ratio of 53.70, a P/E/G ratio of 0.56 and a beta of 3.29. The firm’s fifty day moving average price is $185.15 and its two-hundred day moving average price is $180.71. Credo Technology Group Holding Ltd. has a one year low of $86.49 and a one year high of $308.67.

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

Wall Street Analysts Forecast Growth

CRDO has been the topic of several recent analyst reports. Susquehanna boosted their price objective on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research note on Tuesday, July 21st. Evercore set a $292.00 target price on shares of Credo Technology Group in a research note on Wednesday, September 2nd. Wall Street Zen cut Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Zacks Research downgraded Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. Finally, Bank of America dropped their price objective on Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a research note on Wednesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $262.67.

About Credo Technology Group

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.