Franchise Capital Ltd Invests $2.45 Million in Credo Technology Group Holding Ltd. $CRDO

Franchise Capital Ltd purchased a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 16,800 shares of the company’s stock, valued at approximately $2,446,000. Credo Technology Group makes up about 1.1% of Franchise Capital Ltd’s portfolio, making the stock its 10th biggest holding.

Other hedge funds have also added to or reduced their stakes in the company. California Public Employees Retirement System lifted its stake in Credo Technology Group by 17.2% during the 2nd quarter. California Public Employees Retirement System now owns 257,567 shares of the company’s stock valued at $23,848,000 after acquiring an additional 37,772 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in shares of Credo Technology Group by 34.6% in the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 28,400 shares of the company’s stock worth $4,135,000 after acquiring an additional 7,300 shares in the last quarter. Thompson Davis & CO. Inc. purchased a new stake in shares of Credo Technology Group in the second quarter valued at about $382,000. Realta Investment Advisors bought a new position in shares of Credo Technology Group during the second quarter valued at about $300,000. Finally, Ethic Inc. lifted its position in shares of Credo Technology Group by 35.5% during the second quarter. Ethic Inc. now owns 7,142 shares of the company’s stock valued at $668,000 after purchasing an additional 1,873 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Stock Down 4.9%

Shares of CRDO stock opened at $149.12 on Friday. Credo Technology Group Holding Ltd. has a 12-month low of $29.09 and a 12-month high of $213.80. The company has a 50 day moving average of $153.14 and a 200-day moving average of $138.29. The firm has a market cap of $26.94 billion, a P/E ratio of 130.81 and a beta of 2.66.

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

Insider Buying and Selling

In other news, insider James Laufman sold 10,000 shares of Credo Technology Group stock in a transaction dated Wednesday, December 24th. The shares were sold at an average price of $150.00, for a total value of $1,500,000.00. Following the completion of the transaction, the insider owned 214,905 shares in the company, valued at $32,235,750. This trade represents a 4.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Daniel W. Fleming sold 3,902 shares of the business’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $140.15, for a total transaction of $546,865.30. Following the completion of the sale, the chief financial officer directly owned 446,178 shares in the company, valued at approximately $62,531,846.70. This trade represents a 0.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,090,476 shares of company stock worth $167,418,363 in the last quarter. 11.84% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Mizuho upped their price objective on shares of Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 2nd. Susquehanna boosted their target price on Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a research note on Wednesday, October 22nd. Stifel Nicolaus set a $160.00 price target on Credo Technology Group in a research report on Wednesday, October 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Credo Technology Group in a report on Monday, December 29th. Finally, Wall Street Zen raised Credo Technology Group from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $220.42.

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.