Larson Financial Group LLC Buys 1,399 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Larson Financial Group LLC raised its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 240.0% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,982 shares of the company’s stock after purchasing an additional 1,399 shares during the period. Larson Financial Group LLC’s holdings in Credo Technology Group were worth $61,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Swedbank AB increased its position in Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Credo Technology Group by 22.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after buying an additional 368,518 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Credo Technology Group by 27.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,697,723 shares of the company’s stock valued at $54,225,000 after acquiring an additional 362,634 shares during the last quarter. Bank of New York Mellon Corp grew its position in Credo Technology Group by 62.7% in the second quarter. Bank of New York Mellon Corp now owns 654,773 shares of the company’s stock worth $20,913,000 after acquiring an additional 252,349 shares in the last quarter. Finally, Millennium Management LLC increased its stake in Credo Technology Group by 20.5% during the second quarter. Millennium Management LLC now owns 1,470,970 shares of the company’s stock worth $46,983,000 after acquiring an additional 250,027 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on CRDO. 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 report on Thursday, September 5th. Bank of America raised their target price on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a report on Thursday, September 5th. Mizuho upped their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Roth Mkm raised their price objective 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. Finally, Needham & Company LLC upped their target price on 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 issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $36.56.

Insider Activity

In other news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $27.69, for a total value 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. The trade was a 0.35 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $32.06, for a total value of $1,763,300.00. Following the sale, the chief technology officer now directly owns 9,113,602 shares in the company, valued at approximately $292,182,080.12. The trade was a 0.60 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,324,817 shares of company stock worth $43,552,936. 16.04% of the stock is currently owned by corporate insiders.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $48.96 on Friday. The company has a market capitalization of $8.13 billion, a PE ratio of -306.00 and a beta of 2.19. The company has a 50 day moving average price of $39.24 and a 200-day moving average price of $31.97. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $51.40.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The firm had revenue of $59.71 million during the quarter, compared to analysts’ expectations of $59.50 million. Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. On average, analysts forecast that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Credo Technology Group Company 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.