Balboa Wealth Partners Acquires New Position in Credo Technology Group Holding Ltd. $CRDO

Balboa Wealth Partners acquired a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the 1st quarter, HoldingsChannel.com reports. The fund acquired 2,548 shares of the company’s stock, valued at approximately $239,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in Credo Technology Group by 9.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock valued at $39,004,000 after buying an additional 23,332 shares in the last quarter. M&T Bank Corp lifted its holdings in shares of Credo Technology Group by 428.8% in the fourth quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock worth $1,932,000 after buying an additional 10,888 shares in the last quarter. FengHe Fund Management Pte. Ltd. lifted its holdings in shares of Credo Technology Group by 5.7% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock worth $23,349,000 after buying an additional 8,769 shares in the last quarter. TD Asset Management Inc purchased a new stake in shares of Credo Technology Group in the third quarter worth about $17,454,000. Finally, Second Line Capital LLC bought a new position in shares of Credo Technology Group in the third quarter valued at approximately $4,283,000. Institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

CRDO has been the subject of several recent analyst reports. Bank of America boosted their price objective on shares of Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday. Jefferies Financial Group increased their target price on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Mizuho raised their price target on shares of Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a report on Tuesday, June 2nd. The Goldman Sachs Group restated 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, TD Cowen upped their price target on shares of Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Credo Technology Group presently has a consensus rating of “Buy” and an average price target of $263.11.

Credo Technology Group News Summary

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: Stifel raised its price target on Credo Technology Group to $350 from $250 and maintained a buy rating, signaling confidence in the company’s AI connectivity growth story. Why Is Credo Technology Stock Soaring Monday?
• Positive Sentiment: Bank of America boosted its price target to $340 from $252 and kept a buy rating, implying additional upside if Credo’s AI-related demand stays strong. Benzinga
• Positive Sentiment: Evercore upgraded Credo to strong-buy with a $325 target, highlighting substantial upside in AI networking infrastructure and optical interconnect opportunities. The Fly
• Positive Sentiment: BNP Paribas and other commentary continued to frame Credo as a leveraged way to play AI data-center interconnect growth, with the company’s optical and active electrical cable products seen as key drivers. Benzinga
• Neutral Sentiment: Roth MKM reportedly reiterated its buy rating, adding to the broader bullish analyst backdrop. Roth MKM Sticks to Its Buy Rating for Credo Technology Group Holding Ltd (CRDO)
• Neutral Sentiment: The stock also made Zacks’ Rank #1 growth list, which supports the bullish narrative but is less directly impactful than the analyst price-target increases. Best Growth Stocks to Buy for June 23rd

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $272.01 on Wednesday. The company’s fifty day moving average price is $206.78 and its 200-day moving average price is $155.42. The firm has a market capitalization of $50.72 billion, a price-to-earnings ratio of 109.68, a PEG ratio of 1.59 and a beta of 3.22. Credo Technology Group Holding Ltd. has a one year low of $84.25 and a one year high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same period in the previous year, the firm posted $0.20 EPS. The firm’s revenue was up 157.0% compared to the same quarter last year. As a group, equities research analysts expect that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, Director Fariba Danesh sold 1,100 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $236.34, for a total transaction of $259,974.00. Following the sale, the director owned 7,017 shares in the company, valued at $1,658,397.78. This trade represents a 13.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $246.69, for a total value of $6,783,975.00. Following the sale, the chief technology officer directly owned 5,964,870 shares of the company’s stock, valued at approximately $1,471,473,780.30. This trade represents a 0.46% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 389,384 shares of company stock valued at $70,041,518. 11.84% of the stock is currently owned by company insiders.

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.