Pacer Advisors Inc. increased its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Free Report) by 32.6% during the first quarter, HoldingsChannel.com reports. The fund owned 22,736 shares of the company’s stock after acquiring an additional 5,585 shares during the period. Pacer Advisors Inc.’s holdings in Credo Technology Group were worth $2,134,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of the company. PVG Asset Management Corp bought a new position in Credo Technology Group in the 1st quarter valued at $84,000. Carmignac Gestion bought a new position in shares of Credo Technology Group in the first quarter worth $34,216,000. NewEdge Advisors LLC raised its position in shares of Credo Technology Group by 24.1% in the first quarter. NewEdge Advisors LLC now owns 5,883 shares of the company’s stock worth $552,000 after buying an additional 1,141 shares in the last quarter. Glenmede Trust Co. NA raised its position in shares of Credo Technology Group by 2.0% in the first quarter. Glenmede Trust Co. NA now owns 5,706 shares of the company’s stock worth $536,000 after buying an additional 114 shares in the last quarter. Finally, Segall Bryant & Hamill LLC boosted its stake in Credo Technology Group by 12.7% during the first quarter. Segall Bryant & Hamill LLC now owns 111,621 shares of the company’s stock valued at $10,478,000 after buying an additional 12,616 shares during the period. 80.46% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
CRDO has been the subject of several recent analyst reports. The Goldman Sachs Group restated a “buy” rating and set a $250.00 target price on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Weiss Ratings upgraded Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Rosenblatt Securities boosted their price target on shares of Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 2nd. Barclays increased their price target on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. Finally, TD Cowen lifted their price objective on shares of Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and a consensus target price of $266.17.
Credo Technology Group Trading Up 8.4%
NASDAQ CRDO opened at $249.89 on Friday. The firm has a market cap of $46.60 billion, a PE ratio of 100.76, a price-to-earnings-growth ratio of 1.05 and a beta of 3.23. Credo Technology Group Holding Ltd. has a 1-year low of $86.49 and a 1-year high of $308.67. The stock has a 50-day moving average of $237.43 and a 200-day moving average of $174.54.
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last posted its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.14. The business had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.Credo Technology Group’s revenue for the quarter was up 157.0% compared to the same quarter last year. During the same period last year, the company earned $0.20 EPS. As a group, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.
Insider Activity
In related news, CTO Chi Fung Cheng sold 27,473 shares of the company’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $209.53, for a total transaction of $5,756,417.69. Following the completion of the sale, the chief technology officer directly owned 5,772,397 shares in the company, valued at $1,209,490,343.41. This represents a 0.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Tung Lam sold 55,441 shares of the stock in a transaction on Friday, July 31st. The shares were sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the sale, the chief operating officer directly owned 2,529,169 shares of the company’s stock, valued at $538,763,580.38. The trade was a 2.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 435,076 shares of company stock valued at $101,043,506. 11.84% of the stock is currently owned by company insiders.
Credo Technology Group 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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