Russell Investments Group Ltd. Buys 111,281 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Russell Investments Group Ltd. increased its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 49.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 337,265 shares of the company’s stock after acquiring an additional 111,281 shares during the quarter. Russell Investments Group Ltd. owned about 0.22% of Credo Technology Group worth $6,567,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CRDO. Vanguard Group Inc. boosted its holdings in shares of Credo Technology Group by 31.3% during the 3rd 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 last quarter. JPMorgan Chase & Co. grew its holdings in Credo Technology Group by 17.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock valued at $131,931,000 after buying an additional 1,299,600 shares in the last quarter. Jennison Associates LLC bought a new stake in Credo Technology Group in the 4th quarter worth approximately $45,362,000. Assenagon Asset Management S.A. purchased a new stake in shares of Credo Technology Group during the 3rd quarter worth approximately $20,537,000. Finally, American Century Companies Inc. boosted its position in shares of Credo Technology Group by 68.3% during the 3rd quarter. American Century Companies Inc. now owns 1,323,251 shares of the company’s stock valued at $20,180,000 after acquiring an additional 537,143 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $21.17, for a total transaction of $1,164,350.00. Following the completion of the sale, the chief technology officer now directly owns 10,158,602 shares of the company’s stock, valued at approximately $215,057,604.34. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, COO Yat Tung Lam sold 46,321 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $22.52, for a total transaction of $1,043,148.92. Following the transaction, the chief operating officer now directly owns 1,875,493 shares in the company, valued at $42,236,102.36. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $21.17, for a total transaction of $1,164,350.00. Following the completion of the transaction, the chief technology officer now directly owns 10,158,602 shares of the company’s stock, valued at approximately $215,057,604.34. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,646,335 shares of company stock worth $35,965,584. Company insiders own 23.89% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CRDO shares. TD Cowen upped their price target on shares of Credo Technology Group from $20.00 to $24.00 and gave the company a “market perform” rating in a research note on Wednesday, February 28th. Mizuho reiterated a “buy” rating and issued a $30.00 price target (up previously from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. Needham & Company LLC upped 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. Craig Hallum lifted their target price on Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Finally, The Goldman Sachs Group boosted their target price 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 research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $24.25.

Credo Technology Group Stock Up 0.6 %

Shares of Credo Technology Group stock opened at $17.31 on Thursday. Credo Technology Group Holding Ltd has a 52 week low of $7.44 and a 52 week high of $23.90. The company has a market capitalization of $2.83 billion, a PE ratio of -75.26 and a beta of 2.03. The stock’s fifty day moving average is $20.07 and its two-hundred day moving average is $19.38.

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