Blue Trust Inc. bought a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,954 shares of the company’s stock, valued at approximately $159,000.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Principal Securities Inc. grew its position in Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after acquiring an additional 576 shares during the last quarter. Quarry LP bought a new position in Credo Technology Group in the fourth quarter valued at about $58,000. Plato Investment Management Ltd bought a new position in Credo Technology Group in the fourth quarter valued at about $61,000. CIBC Private Wealth Group LLC grew its position in Credo Technology Group by 51.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock valued at $75,000 after acquiring an additional 348 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Credo Technology Group by 103.5% in the first quarter. GAMMA Investing LLC now owns 1,982 shares of the company’s stock valued at $80,000 after acquiring an additional 1,008 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages have recently commented on CRDO. TD Cowen lifted their price target on Credo Technology Group from $85.00 to $95.00 and gave the company a “buy” rating in a research note on Wednesday, June 18th. Susquehanna reissued a “positive” rating and set a $90.00 price target (up from $60.00) on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Barclays set a $85.00 price target on Credo Technology Group and gave the company an “overweight” rating in a research note on Tuesday, June 3rd. Noble Financial raised Credo Technology Group to a “strong-buy” rating in a research note on Tuesday, June 3rd. Finally, Stifel Nicolaus lifted their price target on Credo Technology Group from $69.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, June 3rd. Twelve research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $81.00.
Insiders Place Their Bets
In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $43.08, for a total value of $430,800.00. Following the completion of the sale, the chief operating officer now directly owns 2,792,447 shares in the company, valued at approximately $120,298,616.76. The trade was a 0.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider James Laufman sold 8,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $39.09, for a total value of $312,720.00. Following the completion of the sale, the insider now owns 271,725 shares of the company’s stock, valued at approximately $10,621,730.25. The trade was a 2.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 948,891 shares of company stock worth $59,924,255. 16.04% of the stock is owned by corporate insiders.
Credo Technology Group Price Performance
Credo Technology Group stock opened at $91.92 on Wednesday. The stock’s 50 day moving average is $60.02 and its 200 day moving average is $60.49. The firm has a market cap of $15.61 billion, a P/E ratio of 340.44, a P/E/G ratio of 1.52 and a beta of 2.42. Credo Technology Group Holding Ltd. has a one year low of $22.50 and a one year high of $92.20.
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last posted its quarterly earnings data on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. The company had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a return on equity of 9.15% and a net margin of 11.95%. The firm’s quarterly revenue was up 179.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.07 earnings per share. Equities analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.
Credo Technology Group Profile
Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.
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