Credo Technology Group Holding Ltd (NASDAQ:CRDO) is Emerald Advisers LLC’s 7th Largest Position

Emerald Advisers LLC increased its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 5.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,593,082 shares of the company’s stock after buying an additional 86,063 shares during the period. Credo Technology Group comprises approximately 1.9% of Emerald Advisers LLC’s holdings, making the stock its 7th largest position. Emerald Advisers LLC owned 0.96% of Credo Technology Group worth $49,067,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in CRDO. Allworth Financial LP boosted its holdings in shares of Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares during the period. Arcadia Investment Management Corp MI acquired a new stake in shares of Credo Technology Group during the 2nd quarter valued at about $29,000. Fifth Third Bancorp lifted its holdings in Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares in the last quarter. Covestor Ltd increased its position in shares of Credo Technology Group by 19,240.0% during the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock worth $41,000 after purchasing an additional 1,924 shares in the last quarter. Finally, CWM LLC lifted its stake in Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after purchasing an additional 594 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Bank of America raised their price objective 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. Stifel Nicolaus boosted their price target on Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Roth Mkm boosted their target price on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Mizuho raised their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Finally, The Goldman Sachs Group upped their target price on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a report on Friday, September 6th. One research 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 company. According to data from MarketBeat, Credo Technology Group currently has an average rating of “Moderate Buy” and an average price target of $36.56.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO traded up $2.73 during trading hours on Friday, hitting $40.43. 3,521,006 shares of the stock were exchanged, compared to its average volume of 2,230,936. The company’s 50 day moving average is $33.25 and its 200 day moving average is $28.28. Credo Technology Group Holding Ltd has a one year low of $14.01 and a one year high of $41.92.

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). The firm had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. On average, sell-side analysts predict that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Insider Buying and Selling

In related news, insider James Laufman sold 20,000 shares of the stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $31.36, for a total value of $627,200.00. Following the transaction, the insider now directly owns 302,466 shares in the company, valued at $9,485,333.76. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider James Laufman sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $31.36, for a total transaction of $627,200.00. Following the completion of the transaction, the insider now directly owns 302,466 shares of the company’s stock, valued at $9,485,333.76. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $25.75, for a total value of $3,704,910.00. Following the sale, the chief executive officer now owns 2,529,738 shares in the company, valued at $65,140,753.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,389,817 shares of company stock worth $44,436,836 in the last quarter. Insiders own 16.04% of the company’s stock.

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.