123,558 Shares in Credo Technology Group Holding Ltd. $CRDO Bought by Dark Forest Capital Management LP

Dark Forest Capital Management LP purchased a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 123,558 shares of the company’s stock, valued at approximately $4,962,000. Dark Forest Capital Management LP owned approximately 0.07% of Credo Technology Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. boosted its holdings in Credo Technology Group by 49.5% during the fourth quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company’s stock worth $110,482,000 after buying an additional 543,940 shares in the last quarter. Two Sigma Investments LP grew its position in shares of Credo Technology Group by 55.3% in the fourth quarter. Two Sigma Investments LP now owns 1,515,268 shares of the company’s stock valued at $101,841,000 after purchasing an additional 539,766 shares during the period. Polar Capital Holdings Plc increased its stake in shares of Credo Technology Group by 382.1% during the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock worth $97,527,000 after purchasing an additional 1,150,084 shares in the last quarter. Northern Trust Corp raised its position in shares of Credo Technology Group by 17.8% during the 4th quarter. Northern Trust Corp now owns 1,427,852 shares of the company’s stock worth $95,966,000 after purchasing an additional 215,368 shares during the last quarter. Finally, Nuveen LLC purchased a new position in Credo Technology Group in the 1st quarter valued at about $52,636,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CRDO has been the subject of a number of research analyst reports. Mizuho increased their target price on Credo Technology Group from $112.00 to $135.00 and gave the company an “outperform” rating in a report on Thursday, August 14th. Noble Financial raised Credo Technology Group to a “strong-buy” rating in a research note on Tuesday, June 3rd. Needham & Company LLC raised their price objective on Credo Technology Group from $80.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday, June 3rd. Susquehanna upped their target price on shares of Credo Technology Group from $90.00 to $115.00 and gave the stock a “positive” rating in a report on Tuesday, July 22nd. Finally, Cowen reiterated a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $91.27.

Insiders Place Their Bets

In other Credo Technology Group news, CEO William Joseph Brennan sold 150,000 shares of Credo Technology Group stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $106.87, for a total transaction of $16,030,500.00. Following the transaction, the chief executive officer directly owned 2,061,978 shares of the company’s stock, valued at $220,363,588.86. The trade was a 6.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 59,641 shares of Credo Technology Group stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $74.96, for a total transaction of $4,470,689.36. Following the transaction, the chief technology officer directly owned 7,603,961 shares in the company, valued at $569,992,916.56. This trade represents a 0.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,274,583 shares of company stock valued at $113,118,257 over the last ninety days. Company insiders own 11.84% of the company’s stock.

Credo Technology Group Trading Down 6.6%

NASDAQ:CRDO opened at $123.06 on Tuesday. The company’s 50-day moving average price is $106.36 and its 200-day moving average price is $72.26. The company has a market cap of $21.29 billion, a P/E ratio of 455.78, a P/E/G ratio of 2.21 and a beta of 2.59. Credo Technology Group Holding Ltd. has a twelve month low of $24.08 and a twelve month high of $134.35.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The firm had revenue of $170.00 million for the quarter, compared to the consensus estimate of $159.59 million. During the same period last year, the firm posted $0.07 earnings per share. The company’s revenue for the quarter was up 179.6% on a year-over-year basis. On average, analysts expect that Credo Technology Group Holding Ltd. will post 0.13 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.