Moody Aldrich Partners LLC Purchases 58,351 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Moody Aldrich Partners LLC raised its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 38.8% in the third quarter, Holdings Channel.com reports. The fund owned 208,908 shares of the company’s stock after acquiring an additional 58,351 shares during the quarter. Credo Technology Group makes up about 1.2% of Moody Aldrich Partners LLC’s investment portfolio, making the stock its 27th largest position. Moody Aldrich Partners LLC’s holdings in Credo Technology Group were worth $6,434,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Fifth Third Bancorp lifted its stake in shares of Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares during the last quarter. CWM LLC lifted its position in shares of Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after buying an additional 594 shares during the last quarter. Arcadia Investment Management Corp MI bought a new stake in shares of Credo Technology Group during the 2nd quarter worth about $29,000. SeaCrest Wealth Management LLC boosted its stake in shares of Credo Technology Group by 8.3% during the 3rd quarter. SeaCrest Wealth Management LLC now owns 12,261 shares of the company’s stock worth $378,000 after acquiring an additional 938 shares in the last quarter. Finally, Diversified Trust Co raised its stake in shares of Credo Technology Group by 4.3% in the 3rd quarter. Diversified Trust Co now owns 27,954 shares of the company’s stock valued at $861,000 after acquiring an additional 1,156 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a report on Monday, September 16th. Bank of America raised their target price on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th. Roth Mkm boosted their target price on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday. Mizuho lifted their price objective on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Finally, The Goldman Sachs Group increased their target price on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, September 6th. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $36.56.

Insider Transactions at Credo Technology Group

In related news, insider James Laufman sold 20,000 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $31.36, for a total value of $627,200.00. Following the sale, the insider now owns 302,466 shares of the company’s stock, valued at $9,485,333.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $39.24, for a total value of $2,158,200.00. Following the sale, the chief technology officer now owns 8,838,602 shares of the company’s stock, valued at approximately $346,826,742.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James Laufman sold 20,000 shares of Credo Technology Group stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $31.36, for a total transaction of $627,200.00. Following the transaction, the insider now directly owns 302,466 shares of the company’s stock, valued at $9,485,333.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,444,817 shares of company stock valued at $45,913,586. Company insiders own 23.89% of the company’s stock.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO traded up $0.16 during mid-day trading on Thursday, hitting $38.83. The company had a trading volume of 232,735 shares, compared to its average volume of 2,224,823. Credo Technology Group Holding Ltd has a 12 month low of $13.38 and a 12 month high of $40.37. The firm has a market cap of $6.41 billion, a P/E ratio of -214.81 and a beta of 2.24. The business’s 50-day simple moving average is $32.33 and its 200-day simple moving average is $27.37.

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

About Credo Technology Group

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.