Alta Wealth Advisors LLC Buys New Shares in Credo Technology Group Holding Ltd. $CRDO

Alta Wealth Advisors LLC purchased a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the third quarter, Holdings Channel reports. The firm purchased 12,834 shares of the company’s stock, valued at approximately $1,869,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Credo Technology Group by 2.7% during the 2nd quarter. Vanguard Group Inc. now owns 16,375,368 shares of the company’s stock valued at $1,516,195,000 after purchasing an additional 430,445 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Credo Technology Group by 36.5% in the second 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 in the last quarter. 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 valued at $334,740,000 after acquiring an additional 163,305 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of 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 acquiring an additional 1,218,504 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Credo Technology Group by 63.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after acquiring an additional 589,151 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $136.33, for a total value of $4,089,900.00. Following the sale, the chief technology officer directly owned 6,327,370 shares in the company, valued at approximately $862,610,352.10. This trade represents a 0.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sylvia Acevedo sold 2,200 shares of the business’s stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $159.18, for a total value of $350,196.00. Following the transaction, the director directly owned 18,545 shares in the company, valued at $2,951,993.10. This trade represents a 10.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 970,476 shares of company stock worth $149,681,763. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Trading Down 3.9%

CRDO stock opened at $128.02 on Tuesday. The firm’s 50-day moving average price is $151.21 and its two-hundred day moving average price is $141.32. Credo Technology Group Holding Ltd. has a 12-month low of $29.09 and a 12-month high of $213.80. The stock has a market capitalization of $23.12 billion, a price-to-earnings ratio of 112.30 and a beta of 2.66.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping 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 company had revenue of $268.03 million during the quarter, compared to analyst estimates of $234.99 million. During the same period in the prior year, the business posted $0.07 earnings per share. Credo Technology Group’s revenue for the quarter was up 272.1% on a year-over-year basis. Equities analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Wall Street Analyst Weigh In

CRDO has been the subject of a number of research reports. Rosenblatt Securities assumed coverage on shares of Credo Technology Group in a research note on Wednesday, January 21st. They issued a “neutral” rating and a $170.00 price objective for the company. JPMorgan Chase & Co. assumed coverage on shares of Credo Technology Group in a research report on Friday, October 17th. They set an “overweight” rating and a $165.00 price target for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Credo Technology Group in a research note on Monday, December 29th. Roth Mkm boosted their target price on Credo Technology Group from $170.00 to $250.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. Finally, TD Cowen restated a “buy” rating on shares of Credo Technology Group in a report on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $216.54.

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.