Asset Management One Co. Ltd. Sells 771 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Asset Management One Co. Ltd. reduced its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 12.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,488 shares of the company’s stock after selling 771 shares during the period. Asset Management One Co. Ltd.’s holdings in Credo Technology Group were worth $109,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in CRDO. Royal Bank of Canada bought a new position in Credo Technology Group in the 1st quarter worth approximately $26,000. Ameritas Investment Partners Inc. bought a new position in Credo Technology Group in the 1st quarter worth approximately $26,000. Advisors Asset Management Inc. increased its position in Credo Technology Group by 295.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,841 shares of the company’s stock worth $28,000 after buying an additional 1,376 shares during the period. Altshuler Shaham Ltd bought a new position in Credo Technology Group in the 4th quarter worth approximately $40,000. Finally, UBS Group AG bought a new stake in shares of Credo Technology Group during the first quarter valued at approximately $69,000. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $21.44 on Monday. The business’s fifty day moving average price is $21.57 and its two-hundred day moving average price is $19.13. Credo Technology Group Holding Ltd has a fifty-two week low of $7.20 and a fifty-two week high of $23.90. The stock has a market capitalization of $3.50 billion, a price-to-earnings ratio of -93.22 and a beta of 1.97.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. The firm had revenue of $53.06 million for the quarter, compared to analysts’ expectations of $51.91 million. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. The business’s revenue was down 2.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.02 earnings per share. Research analysts expect that Credo Technology Group Holding Ltd will post -0.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of research reports. Mizuho restated a “buy” rating and set a $30.00 price objective (up from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. Needham & Company LLC boosted their price objective on Credo Technology Group from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. TD Cowen boosted their price objective on Credo Technology Group from $20.00 to $24.00 and gave the company a “market perform” rating in a research report on Wednesday, February 28th. Finally, The Goldman Sachs Group boosted their price objective on Credo Technology Group from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.00.

Insiders Place Their Bets

In other Credo Technology Group news, General Counsel Adam Thorngate-Gottlund sold 14,883 shares of the business’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $22.03, for a total value of $327,872.49. Following the transaction, the general counsel now owns 218,249 shares of the company’s stock, valued at $4,808,025.47. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Credo Technology Group news, COO Yat Tung Lam sold 315,601 shares of the business’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $22.93, for a total value of $7,236,730.93. Following the transaction, the chief operating officer now owns 1,440,000 shares of the company’s stock, valued at $33,019,200. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, General Counsel Adam Thorngate-Gottlund sold 14,883 shares of the company’s stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $22.03, for a total value of $327,872.49. Following the transaction, the general counsel now directly owns 218,249 shares in the company, valued at approximately $4,808,025.47. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,032,198 shares of company stock valued at $43,986,214. 23.89% of the stock is currently owned by corporate insiders.

Credo Technology Group Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.