Downshift Financial LLC bought a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Free Report) in the 1st quarter, Holdings Channel reports. The fund bought 2,000 shares of the company’s stock, valued at approximately $188,000.
Several other institutional investors have also recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. increased its stake in Credo Technology Group by 9.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock valued at $39,004,000 after purchasing an additional 23,332 shares in the last quarter. M&T Bank Corp boosted its position in shares of Credo Technology Group by 428.8% during the 4th quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock worth $1,932,000 after purchasing an additional 10,888 shares in the last quarter. FengHe Fund Management Pte. Ltd. grew its stake in shares of Credo Technology Group by 5.7% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock valued at $23,349,000 after buying an additional 8,769 shares during the period. Second Line Capital LLC acquired a new stake in shares of Credo Technology Group in the 3rd quarter valued at about $4,283,000. Finally, Nordea Investment Management AB bought a new stake in Credo Technology Group in the 4th quarter valued at about $2,084,000. 80.46% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several research analysts have issued reports on CRDO shares. Rothschild & Co Redburn initiated coverage on Credo Technology Group in a report on Friday, May 1st. They issued a “buy” rating and a $206.00 price target on the stock. Bank of America boosted their price target on shares of Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Rosenblatt Securities upped their price objective on shares of Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. Roth Mkm raised their price objective on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Finally, Susquehanna boosted their target price on shares of Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a research report on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $263.11.
Credo Technology Group Price Performance
CRDO opened at $250.69 on Tuesday. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67. The company has a market capitalization of $46.75 billion, a price-to-earnings ratio of 100.71, a P/E/G ratio of 1.11 and a beta of 3.20. The firm’s fifty day moving average price is $222.52 and its two-hundred day moving average price is $161.46.
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last released its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. During the same period last year, the firm earned $0.20 earnings per share. The firm’s revenue was up 157.0% on a year-over-year basis. As a group, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.
Insider Transactions at Credo Technology Group
In other news, CFO Daniel W. Fleming sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total value of $9,979,200.00. Following the completion of the transaction, the chief financial officer directly owned 501,873 shares of the company’s stock, valued at $125,207,276.04. This represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Joseph Brennan sold 54,984 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $218.57, for a total value of $12,017,852.88. Following the sale, the chief executive officer directly owned 367,327 shares of the company’s stock, valued at $80,286,662.39. The trade was a 13.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 363,372 shares of company stock worth $76,926,125. Company insiders own 11.84% of the company’s stock.
Credo Technology Group Company Profile
Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.
Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.
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