Credo Technology Group Holding Ltd. $CRDO Position Increased by EFG Asset Management North America Corp.

EFG Asset Management North America Corp. boosted its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 76.5% in the third quarter, Holdings Channel.com reports. The firm owned 21,976 shares of the company’s stock after purchasing an additional 9,527 shares during the period. EFG Asset Management North America Corp.’s holdings in Credo Technology Group were worth $3,200,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. NewEdge Advisors LLC lifted its holdings in shares of Credo Technology Group by 128.4% during the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after buying an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. raised its position 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Credo Technology Group by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock valued at $12,480,000 after acquiring an additional 7,107 shares during the last quarter. Park Avenue Securities LLC bought a new stake in Credo Technology Group in the second quarter worth approximately $258,000. Finally, Ballentine Partners LLC acquired a new position in shares of Credo Technology Group during the 2nd quarter worth $239,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $129.57 on Wednesday. Credo Technology Group Holding Ltd. has a one year low of $29.09 and a one year high of $213.80. The company has a fifty day moving average price of $151.01 and a 200 day moving average price of $141.54. The stock has a market cap of $23.40 billion, a P/E ratio of 113.66 and a beta of 2.66.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $234.99 million. During the same quarter in the previous year, the firm posted $0.07 EPS. The business’s revenue was up 272.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $174.70, for a total transaction of $9,608,500.00. Following the sale, the chief technology officer directly owned 6,613,961 shares in the company, valued at approximately $1,155,458,986.70. The trade was a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William Joseph Brennan sold 50,000 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 $8,561,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,942,502 shares of the company’s stock, valued at approximately $332,614,617.46. This trade represents a 2.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 890,476 shares of company stock valued at $136,140,163 in the last quarter. Corporate insiders own 11.84% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CRDO. Rosenblatt Securities assumed coverage on shares of Credo Technology Group in a report on Wednesday, January 21st. They issued a “neutral” rating and a $170.00 price objective for the company. Mizuho upped their price target on Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 2nd. Weiss Ratings reissued a “hold (c)” rating on shares of Credo Technology Group in a research note on Monday, December 29th. Bank of America boosted their target price on Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Finally, Needham & Company LLC increased their price target on Credo Technology Group from $190.00 to $220.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, eleven have given 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 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.