United Capital Financial Advisors LLC purchased a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,800 shares of the company’s stock, valued at approximately $761,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Value Aligned Research Advisors LLC acquired a new position in shares of Credo Technology Group in the 2nd quarter valued at about $91,919,000. Equitable Holdings Inc. acquired a new stake in Credo Technology Group during the 2nd quarter worth approximately $616,000. Centaurus Financial Inc. increased its position in Credo Technology Group by 12.3% during the 2nd quarter. Centaurus Financial Inc. now owns 5,093 shares of the company’s stock worth $1,385,000 after purchasing an additional 559 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Credo Technology Group in the second quarter valued at approximately $12,771,000. Finally, Pure Financial Advisors LLC purchased a new position in Credo Technology Group in the second quarter valued at approximately $273,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several equities analysts recently weighed in on the stock. Stifel Nicolaus lifted their target price on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a report on Monday, June 22nd. Barclays increased their price target on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Rosenblatt Securities restated a “neutral” rating and set a $215.00 price objective on shares of Credo Technology Group in a research note on Monday, August 24th. Wall Street Zen cut Credo Technology Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, Bank of America upped their target price on Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $268.39.
Credo Technology Group Stock Performance
Shares of NASDAQ CRDO opened at $232.75 on Monday. Credo Technology Group Holding Ltd. has a twelve month low of $86.49 and a twelve month high of $308.67. The company has a market capitalization of $43.74 billion, a price-to-earnings ratio of 93.85, a price-to-earnings-growth ratio of 1.06 and a beta of 3.23. The business has a 50 day simple moving average of $238.64 and a 200-day simple moving average of $187.33.
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company’s revenue for the quarter was up 157.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.20 EPS. As a group, equities analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.
Insider Activity at Credo Technology Group
In other Credo Technology Group news, CFO Daniel W. Fleming sold 40,000 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the transaction, the chief financial officer owned 501,873 shares of the company’s stock, valued at approximately $125,207,276.04. This trade represents a 7.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the sale, the chief executive officer owned 367,327 shares in the company, valued at $80,286,662.39. This trade represents a 13.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 435,076 shares of company stock worth $101,043,506. 11.84% of the stock is currently owned by corporate 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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