Zurcher Kantonalbank Zurich Cantonalbank Cuts Stock Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 16.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 20,991 shares of the company’s stock after selling 4,251 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Credo Technology Group were worth $409,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in CRDO. Carnegie Capital Asset Management LLC boosted its position in shares of Credo Technology Group by 19.4% in the fourth quarter. Carnegie Capital Asset Management LLC now owns 293,470 shares of the company’s stock worth $5,714,000 after buying an additional 47,650 shares during the period. CloudAlpha Capital Management Limited Hong Kong acquired a new stake in Credo Technology Group in the third quarter valued at approximately $2,028,000. Vanguard Group Inc. raised its stake in shares of Credo Technology Group by 31.3% during the third quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock valued at $191,705,000 after purchasing an additional 2,993,303 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Credo Technology Group by 17.7% during the third quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock worth $131,931,000 after purchasing an additional 1,299,600 shares in the last quarter. Finally, Moody Aldrich Partners LLC boosted its stake in shares of Credo Technology Group by 67.8% in the fourth quarter. Moody Aldrich Partners LLC now owns 202,707 shares of the company’s stock valued at $3,947,000 after purchasing an additional 81,904 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Credo Technology Group

In other news, CEO William Joseph Brennan sold 15,000 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $17.15, for a total transaction of $257,250.00. Following the sale, the chief executive officer now directly owns 2,962,500 shares in the company, valued at approximately $50,806,875. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO William Joseph Brennan sold 15,000 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $17.15, for a total transaction of $257,250.00. Following the completion of the transaction, the chief executive officer now owns 2,962,500 shares in the company, valued at $50,806,875. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Yat Tung Lam sold 315,601 shares of Credo Technology Group stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $22.93, for a total transaction of $7,236,730.93. Following the completion of the sale, the chief operating officer now owns 1,440,000 shares in the company, valued at $33,019,200. The disclosure for this sale can be found here. Insiders sold a total of 1,776,335 shares of company stock worth $38,738,484 over the last ninety days. Company insiders own 23.89% of the company’s stock.

Analyst Ratings Changes

CRDO has been the topic of a number of recent analyst reports. The Goldman Sachs Group boosted their price objective on shares of Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, February 28th. Needham & Company LLC increased their price target on Credo Technology Group from $24.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, February 28th. Craig Hallum lifted their price objective on Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Mizuho reiterated a “buy” rating and set a $30.00 target price (up from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. Finally, TD Cowen lifted their price target on shares of Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.25.

Credo Technology Group Trading Down 0.7 %

CRDO stock opened at $17.18 on Friday. The stock’s 50 day simple moving average is $20.36 and its 200 day simple moving average is $19.29. Credo Technology Group Holding Ltd has a 12-month low of $7.20 and a 12-month high of $23.90. The firm has a market cap of $2.81 billion, a P/E ratio of -74.70 and a beta of 2.03.

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

About Credo Technology Group

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.