Trilogy Capital Inc. lifted its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Free Report) by 21.1% during the second quarter, HoldingsChannel.com reports. The firm owned 34,550 shares of the company’s stock after purchasing an additional 6,026 shares during the quarter. Trilogy Capital Inc.’s holdings in Credo Technology Group were worth $9,396,000 as of its most recent filing with the SEC.
Other institutional investors have also added to or reduced their stakes in the company. Reflection Asset Management purchased a new position in Credo Technology Group during the 4th quarter valued at about $25,000. Acumen Wealth Advisors LLC purchased a new stake in shares of Credo Technology Group in the fourth quarter worth about $25,000. Flagship Harbor Advisors LLC purchased a new stake in shares of Credo Technology Group in the fourth quarter worth about $32,000. Smallwood Wealth Investment Management LLC bought a new position in shares of Credo Technology Group in the fourth quarter valued at approximately $36,000. Finally, Van ECK Associates Corp bought a new position in shares of Credo Technology Group in the fourth quarter valued at approximately $37,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.
Insider Transactions at Credo Technology Group
In other news, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the transaction, the chief financial officer directly owned 504,708 shares in the company, valued at approximately $124,097,603.04. This represents a 1.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $205.54, for a total value of $5,652,350.00. Following the transaction, the chief technology officer directly owned 5,799,870 shares in the company, valued at approximately $1,192,105,279.80. This represents a 0.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 302,162 shares of company stock worth $72,810,546 in the last 90 days. Company insiders own 11.84% of the company’s stock.
Credo Technology Group Price Performance
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last posted its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $437.00 million for the quarter, compared to analysts’ expectations of $431.80 million. During the same quarter last year, the company posted $0.20 EPS. The business’s quarterly revenue was up 157.0% on a year-over-year basis. As a group, research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.
Wall Street Analysts Forecast Growth
CRDO has been the topic of a number of analyst reports. Roth Capital upped their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. TD Cowen raised their price target on shares of Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Wall Street Zen lowered shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday. Jefferies Financial Group increased their price objective on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Finally, Mizuho lifted their price objective on Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research note on Tuesday, June 2nd. Two equities 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $266.17.
View Our Latest Stock Analysis on Credo Technology Group
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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