Delta Global Management LP increased its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Free Report) by 83.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 28,125 shares of the company’s stock after buying an additional 12,760 shares during the quarter. Delta Global Management LP’s holdings in Credo Technology Group were worth $2,640,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. OMERS ADMINISTRATION Corp increased its position in Credo Technology Group by 83.6% during the first quarter. OMERS ADMINISTRATION Corp now owns 18,361 shares of the company’s stock valued at $1,724,000 after acquiring an additional 8,363 shares during the last quarter. Lombard Odier Asset Management Switzerland SA bought a new stake in shares of Credo Technology Group in the 1st quarter worth about $451,000. Entropy Technologies LP lifted its holdings in shares of Credo Technology Group by 71.7% in the 1st quarter. Entropy Technologies LP now owns 91,409 shares of the company’s stock worth $8,581,000 after acquiring an additional 38,169 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of Credo Technology Group during the 1st quarter worth about $34,013,000. Finally, Keebeck Wealth Management boosted its stake in shares of Credo Technology Group by 9.6% during the 1st quarter. Keebeck Wealth Management now owns 6,149 shares of the company’s stock worth $577,000 after purchasing an additional 540 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.
Insider Transactions at Credo Technology Group
In related news, CEO William Joseph Brennan sold 54,984 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $218.57, for a total value of $12,017,852.88. Following the transaction, the chief executive officer owned 367,327 shares of the company’s stock, valued at $80,286,662.39. This represents a 13.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $243.06, for a total value of $6,684,150.00. Following the completion of the transaction, the chief technology officer directly owned 5,882,370 shares in the company, valued at approximately $1,429,768,852.20. This trade represents a 0.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 302,162 shares of company stock valued at $70,897,646. 11.84% of the stock is currently owned by company insiders.
Credo Technology Group Trading Down 9.9%
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 company had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm’s revenue for the quarter was up 157.0% on a year-over-year basis. During the same quarter last year, the business posted $0.20 EPS. As a group, sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.
Wall Street Analyst Weigh In
A number of analysts recently weighed in on CRDO shares. Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. The Goldman Sachs Group reissued a “buy” rating and issued a $250.00 price objective on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Needham & Company LLC boosted their target price on Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Roth Capital upped their target price on 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, JPMorgan Chase & Co. increased their price target on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a report on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of “Buy” and an average target price of $266.17.
Get Our Latest Stock Analysis on CRDO
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.
Featured Stories
- Five stocks we like better than Credo Technology Group
- Telecom Earnings Reveal a Sector That Finally Looks Healthier
- Defense Earnings Show Readiness Now and Modernization Ahead
- Why Palantir Investors Aren’t Panicking While the Rest of AI Sells Off
- MarketBeat Week in Review – 07/20- 07/24
Want to see what other hedge funds are holding CRDO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Free Report).
Receive News & Ratings for Credo Technology Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Credo Technology Group and related companies with MarketBeat.com's FREE daily email newsletter.
