CIBC Asset Management Inc Purchases 2,563 Shares of Credo Technology Group Holding Ltd. $CRDO

CIBC Asset Management Inc increased its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 49.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,704 shares of the company’s stock after purchasing an additional 2,563 shares during the quarter. CIBC Asset Management Inc’s holdings in Credo Technology Group were worth $1,109,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Crewe Advisors LLC increased its holdings in shares of Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after buying an additional 106 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new position in shares of Credo Technology Group in the 3rd quarter worth approximately $25,000. Flagship Harbor Advisors LLC bought a new stake in Credo Technology Group during the 4th quarter worth approximately $32,000. Smallwood Wealth Investment Management LLC bought a new stake in Credo Technology Group during the 4th quarter worth approximately $36,000. Finally, Smartleaf Asset Management LLC increased its holdings in Credo Technology Group by 133.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock valued at $38,000 after purchasing an additional 147 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of recent analyst reports. Needham & Company LLC boosted their price objective on Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Rothschild & Co Redburn initiated coverage on Credo Technology Group in a research note on Friday, May 1st. They issued a “buy” rating and a $206.00 target price for the company. Stifel Nicolaus set a $250.00 price target on Credo Technology Group in a report on Wednesday, May 27th. The Goldman Sachs Group reiterated a “buy” rating and set a $250.00 price target on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Finally, Craig Hallum reissued a “buy” rating and set a $200.00 price objective on shares of Credo Technology Group in a report on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $248.41.

Credo Technology Group Trading Up 7.4%

Shares of NASDAQ CRDO opened at $222.27 on Tuesday. Credo Technology Group Holding Ltd. has a 1 year low of $66.75 and a 1 year high of $245.95. The firm’s 50-day moving average is $172.17 and its 200-day moving average is $147.79. The firm has a market capitalization of $41.00 billion, a PE ratio of 89.63, a price-to-earnings-growth ratio of 1.34 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 36.99%. The business had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. During the same period in the prior year, the business posted $0.20 earnings per share. Credo Technology Group’s revenue was up 157.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 3.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, 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 sale, the chief executive officer owned 1,782,502 shares in the company, valued at approximately $209,764,835.36. This represents a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction dated Wednesday, March 11th. The shares were 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 directly owned 6,272,370 shares in the company, valued at $737,630,712. The trade was a 0.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 386,608 shares of company stock worth $50,371,351. 11.84% of the stock is currently owned by company insiders.

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.