Global Trust Asset Management LLC Invests $2.17 Million in Credo Technology Group Holding Ltd. $CRDO

Global Trust Asset Management LLC bought a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 14,883 shares of the company’s stock, valued at approximately $2,167,000. Credo Technology Group accounts for about 1.0% of Global Trust Asset Management LLC’s portfolio, making the stock its 24th biggest holding.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Credo Technology Group by 2.7% in the 2nd 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 during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Credo Technology Group by 36.5% in the second quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock valued at $602,662,000 after buying an additional 1,739,844 shares during the period. Geode Capital Management LLC grew its position in Credo Technology Group by 4.7% during the second 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. Alliancebernstein L.P. grew its position in Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after buying an additional 1,218,504 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Credo Technology Group by 63.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after acquiring an additional 589,151 shares during the period. 80.46% of the stock is owned by institutional investors.

Insider Activity

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $171.23, for a total value of $8,561,500.00. Following the completion of the transaction, the chief executive officer owned 1,942,502 shares in the company, valued at approximately $332,614,617.46. The trade was a 2.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Yat Tung Lam sold 370,000 shares of the business’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $153.19, for a total value of $56,680,300.00. Following the completion of the transaction, the chief operating officer directly owned 400,000 shares in the company, valued at approximately $61,276,000. This represents a 48.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 1,090,476 shares of company stock worth $167,418,363. Insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $149.12 on Friday. Credo Technology Group Holding Ltd. has a 52-week low of $29.09 and a 52-week high of $213.80. The business has a fifty day moving average of $153.14 and a two-hundred day moving average of $138.29. The stock has a market cap of $26.94 billion, a PE ratio of 130.81 and a beta of 2.66.

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

Wall Street Analyst Weigh In

CRDO has been the topic of several recent research reports. Wolfe Research set a $240.00 price objective on Credo Technology Group in a report on Tuesday, December 2nd. TD Cowen raised their target price on Credo Technology Group from $190.00 to $240.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Cowen reissued a “buy” rating on shares of Credo Technology Group in a report on Tuesday, December 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Credo Technology Group in a report on Monday, December 29th. Finally, Mizuho upped 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 note on Tuesday, December 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $220.42.

About Credo Technology Group

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.