Global Retirement Partners LLC Increases Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Global Retirement Partners LLC increased its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 5,358.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,094 shares of the company’s stock after buying an additional 4,019 shares during the quarter. Global Retirement Partners LLC’s holdings in Credo Technology Group were worth $589,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sierra Summit Advisors LLC purchased a new stake in Credo Technology Group during the 4th quarter valued at about $448,000. IFP Advisors Inc grew its stake in Credo Technology Group by 15.9% during the 4th quarter. IFP Advisors Inc now owns 6,684 shares of the company’s stock valued at $962,000 after purchasing an additional 919 shares during the last quarter. Banque Cantonale Vaudoise grew its stake in Credo Technology Group by 148.3% during the 4th quarter. Banque Cantonale Vaudoise now owns 20,456 shares of the company’s stock valued at $2,944,000 after purchasing an additional 12,219 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in Credo Technology Group by 44.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 17,636 shares of the company’s stock valued at $2,538,000 after purchasing an additional 5,435 shares during the last quarter. Finally, Tredje AP fonden purchased a new stake in Credo Technology Group during the 4th quarter valued at about $8,633,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total value of $3,234,000.00. Following the completion of the transaction, the chief technology officer owned 6,272,370 shares of the company’s stock, valued at approximately $737,630,712. This represents a 0.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $5,884,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,782,502 shares of the company’s stock, valued at $209,764,835.36. The trade was a 2.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 386,608 shares of company stock valued at $50,371,351 in the last ninety days. 11.84% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have weighed in on CRDO. Weiss Ratings upgraded Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday. Needham & Company LLC reiterated a “buy” rating and set a $220.00 price target on shares of Credo Technology Group in a research note on Wednesday, April 15th. Stifel Nicolaus set a $250.00 price target on Credo Technology Group in a research note on Wednesday. Jefferies Financial Group began coverage on Credo Technology Group in a research note on Monday, April 13th. They set a “buy” rating and a $175.00 price target on the stock. Finally, Zacks Research upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $210.65.

Credo Technology Group Trading Down 0.2%

NASDAQ CRDO opened at $221.23 on Thursday. The stock has a market capitalization of $40.81 billion, a price-to-earnings ratio of 122.91 and a beta of 3.17. Credo Technology Group Holding Ltd. has a twelve month low of $59.21 and a twelve month high of $233.70. The stock has a 50-day moving average of $153.11 and a 200 day moving average of $143.93.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. The company had revenue of $407.01 million during the quarter, compared to analysts’ expectations of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.Credo Technology Group’s quarterly revenue was up 201.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.25 EPS. Equities analysts predict that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current fiscal year.

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.