Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC trimmed its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 4.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 132,294 shares of the company’s stock after selling 6,069 shares during the period. Mutual of America Capital Management LLC owned approximately 0.09% of Credo Technology Group worth $2,576,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in CRDO. BlackRock Inc. lifted its position in Credo Technology Group by 255.4% in the third quarter. BlackRock Inc. now owns 12,750,435 shares of the company’s stock worth $140,255,000 after purchasing an additional 9,162,371 shares during the period. Capital Research Global Investors acquired a new stake in Credo Technology Group in the first quarter worth approximately $125,306,000. Vanguard Group Inc. lifted its position in shares of Credo Technology Group by 263.1% during the 3rd quarter. Vanguard Group Inc. now owns 6,940,826 shares of the company’s stock valued at $76,349,000 after acquiring an additional 5,029,051 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Credo Technology Group during the 1st quarter valued at $29,508,000. Finally, State Street Corp lifted its position in shares of Credo Technology Group by 712.7% during the 3rd quarter. State Street Corp now owns 2,955,370 shares of the company’s stock valued at $32,509,000 after acquiring an additional 2,591,741 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Stock Down 5.9 %

Shares of NASDAQ:CRDO opened at $16.92 on Friday. The company’s fifty day moving average is $21.39 and its two-hundred day moving average is $19.17. Credo Technology Group Holding Ltd has a 12-month low of $7.20 and a 12-month high of $23.90. The company has a market cap of $2.76 billion, a P/E ratio of -73.57 and a beta of 1.97.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $51.91 million. During the same period in the previous year, the business earned $0.02 EPS. The company’s revenue was down 2.2% on a year-over-year basis. Equities research analysts anticipate that Credo Technology Group Holding Ltd will post -0.12 earnings per share for the current year.

Analysts Set New Price Targets

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

Insider Transactions at Credo Technology Group

In other news, CEO William Joseph Brennan sold 15,000 shares of the company’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $19.16, for a total value of $287,400.00. Following the transaction, the chief executive officer now directly owns 2,992,500 shares of the company’s stock, valued at $57,336,300. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO William Joseph Brennan sold 15,000 shares of the company’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $19.16, for a total value of $287,400.00. Following the transaction, the chief executive officer now directly owns 2,992,500 shares of the company’s stock, valued at $57,336,300. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Yat Tung Lam sold 315,601 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $22.93, for a total transaction of $7,236,730.93. Following the completion of the transaction, the chief operating officer now directly owns 1,440,000 shares in the company, valued at $33,019,200. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,816,218 shares of company stock valued at $40,044,857. 23.89% of the stock is owned by insiders.

Credo Technology Group Profile

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.