3,626 Shares in Credo Technology Group Holding Ltd. $CRDO Bought by Brookstone Capital Management

Brookstone Capital Management purchased a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 3,626 shares of the company’s stock, valued at approximately $340,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Crewe Advisors LLC increased its stake in Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after acquiring an additional 106 shares during the period. Acumen Wealth Advisors LLC bought a new position in Credo Technology Group during the fourth quarter worth about $25,000. Reflection Asset Management bought a new position in Credo Technology Group during the fourth quarter worth about $25,000. Flagship Harbor Advisors LLC acquired a new stake in Credo Technology Group during the fourth quarter valued at approximately $32,000. Finally, Smallwood Wealth Investment Management LLC acquired a new stake in Credo Technology Group during the fourth quarter valued at approximately $36,000. Institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

CRDO has been the topic of several analyst reports. Stifel Nicolaus upped their price objective on Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, June 22nd. TD Cowen raised their target price on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. Evercore started coverage on Credo Technology Group in a research report on Monday, June 22nd. They issued an “outperform” rating and a $325.00 price target on the stock. Finally, Jefferies Financial Group increased their price objective on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $263.11.

Credo Technology Group Stock Up 0.2%

Credo Technology Group stock opened at $238.44 on Monday. The stock has a 50-day simple moving average of $213.03 and a 200 day simple moving average of $157.10. The stock has a market capitalization of $44.47 billion, a price-to-earnings ratio of 96.15, a P/E/G ratio of 1.09 and a beta of 3.22. Credo Technology Group Holding Ltd. has a 12-month low of $84.25 and a 12-month high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. The firm had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company’s revenue was up 157.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.20 EPS. As a group, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insider Transactions at Credo Technology Group

In other news, CEO William Joseph Brennan sold 54,984 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the transaction, the chief executive officer directly owned 367,327 shares in the company, valued at approximately $80,286,662.39. This represents a 13.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $118.25, for a total transaction of $3,251,875.00. Following the sale, the chief technology officer directly owned 6,134,870 shares in the company, valued at $725,448,377.50. This trade represents a 0.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 416,884 shares of company stock worth $77,492,368. Corporate insiders own 11.84% of the company’s stock.

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.