Cibc World Market Inc. Has $1.35 Million Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Cibc World Market Inc. increased its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 99.1% during the third quarter, Holdings Channel reports. The firm owned 9,263 shares of the company’s stock after acquiring an additional 4,611 shares during the period. Cibc World Market Inc.’s holdings in Credo Technology Group were worth $1,349,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CRDO. Atlantic Union Bankshares Corp acquired a new stake in Credo Technology Group during the third quarter worth about $25,000. First Horizon Corp acquired a new position in shares of Credo Technology Group in the 3rd quarter valued at approximately $26,000. Smartleaf Asset Management LLC lifted its holdings in shares of Credo Technology Group by 133.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock worth $38,000 after acquiring an additional 147 shares during the period. Park Place Capital Corp acquired a new stake in shares of Credo Technology Group during the 3rd quarter worth approximately $41,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. bought a new position in Credo Technology Group in the second quarter valued at approximately $27,000. Institutional investors own 80.46% of the company’s stock.

Insider Buying and Selling

In other Credo Technology Group news, COO Yat Tung Lam sold 370,000 shares of Credo Technology Group stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $153.19, for a total value of $56,680,300.00. Following the completion of the sale, the chief operating officer directly owned 400,000 shares of the company’s stock, valued at approximately $61,276,000. The trade was a 48.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $153.16, for a total value of $7,658,000.00. Following the transaction, the chief executive officer directly owned 1,892,502 shares in the company, valued at approximately $289,855,606.32. This trade represents a 2.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 917,976 shares of company stock valued at $136,567,647 over the last ninety days. 11.84% of the stock is owned by corporate insiders.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $121.44 on Tuesday. The stock’s 50-day moving average is $138.37 and its 200 day moving average is $143.26. Credo Technology Group Holding Ltd. has a one year low of $29.09 and a one year high of $213.80. The firm has a market cap of $21.94 billion, a price-to-earnings ratio of 106.53 and a beta of 2.65.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.18. The firm had revenue of $268.03 million for 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%.The company’s revenue was up 272.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.07 earnings per share. On average, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CRDO. Mizuho upped their target price 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. Zacks Research cut Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. New Street Research set a $240.00 price objective on Credo Technology Group in a research note on Tuesday, December 2nd. Bank of America lifted their target price on Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. Finally, Roth Mkm dropped their target price on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, February 10th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Credo Technology Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $212.69.

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.