Berkshire Capital Holdings Inc. Raises Stock Position in Credo Technology Group Holding Ltd. $CRDO

Berkshire Capital Holdings Inc. raised its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 902,300.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 90,240 shares of the company’s stock after purchasing an additional 90,230 shares during the period. Credo Technology Group accounts for 2.9% of Berkshire Capital Holdings Inc.’s holdings, making the stock its 17th biggest position. Berkshire Capital Holdings Inc.’s holdings in Credo Technology Group were worth $8,355,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Credo Technology Group by 2.7% during the second quarter. Vanguard Group Inc. now owns 16,375,368 shares of the company’s stock worth $1,516,195,000 after purchasing an additional 430,445 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Credo Technology Group by 36.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock worth $602,662,000 after buying an additional 1,739,844 shares during the last quarter. Geode Capital Management LLC increased its stake in Credo Technology Group by 4.7% during the 2nd quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock worth $334,740,000 after buying an additional 163,305 shares in the last quarter. Swedbank AB increased its stake in Credo Technology Group by 29.5% during the 1st quarter. Swedbank AB now owns 3,219,125 shares of the company’s stock worth $129,280,000 after buying an additional 733,811 shares in the last quarter. Finally, Alliancebernstein L.P. raised its holdings in shares of Credo Technology Group by 6.1% during the first quarter. Alliancebernstein L.P. now owns 1,846,387 shares of the company’s stock valued at $74,151,000 after acquiring an additional 105,405 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insiders Place Their Bets

In related news, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $189.35, for a total value of $355,031.25. Following the completion of the transaction, the director directly owned 5,893,909 shares in the company, valued at approximately $1,116,011,669.15. This represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William Joseph Brennan sold 18,016 shares of the firm’s stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $171.23, for a total value of $3,084,879.68. Following the sale, the chief executive officer directly owned 319,907 shares of the company’s stock, valued at approximately $54,777,675.61. This trade represents a 5.33% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 961,246 shares of company stock worth $149,004,408. 11.84% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CRDO shares. JPMorgan Chase & Co. started coverage on Credo Technology Group in a research note on Friday, October 17th. They issued an “overweight” rating and a $165.00 price target on the stock. Susquehanna lifted their target price on shares of Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a research note on Wednesday, October 22nd. William Blair began coverage on shares of Credo Technology Group in a report on Thursday, September 18th. They set an “outperform” rating for the company. Mizuho increased their target price on shares of Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a research report on Tuesday, December 2nd. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Credo Technology Group in a research report on Monday. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $206.85.

Credo Technology Group Stock Down 7.2%

Shares of CRDO opened at $157.98 on Thursday. Credo Technology Group Holding Ltd. has a 52-week low of $29.09 and a 52-week high of $213.80. The stock has a fifty day simple moving average of $156.63 and a two-hundred day simple moving average of $126.01. The company has a market capitalization of $28.54 billion, a PE ratio of 138.58 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The firm had revenue of $268.03 million during the quarter, compared to analyst estimates of $234.99 million. During the same quarter in the prior year, the firm posted $0.07 earnings per share. Credo Technology Group’s quarterly revenue was up 272.1% on a year-over-year basis. As a group, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Credo Technology Group Company 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.