Formidable Asset Management LLC Buys Shares of 2,309 Credo Technology Group Holding Ltd. $CRDO

Formidable Asset Management LLC purchased a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,309 shares of the company’s stock, valued at approximately $217,000.

Other large investors have also made changes to their positions in the company. Crewe Advisors LLC lifted its holdings in shares of Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 shares during the last quarter. Reflection Asset Management purchased a new position in Credo Technology Group during the 4th quarter worth $25,000. Acumen Wealth Advisors LLC acquired a new position in Credo Technology Group during the 4th quarter valued at about $25,000. Flagship Harbor Advisors LLC acquired a new position in Credo Technology Group during the 4th quarter valued at about $32,000. Finally, Smallwood Wealth Investment Management LLC purchased a new stake in Credo Technology Group in the fourth quarter valued at about $36,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $272.75 on Wednesday. The stock has a market cap of $50.86 billion, a PE ratio of 109.98, a price-to-earnings-growth ratio of 1.12 and a beta of 3.22. The firm has a fifty day moving average price of $217.01 and a 200 day moving average price of $158.44. Credo Technology Group Holding Ltd. has a 1 year low of $84.25 and a 1 year high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.02 by $0.14. The company 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 firm’s revenue was up 157.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.20 earnings per share. As a group, equities analysts expect that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Wall Street Analyst Weigh In

CRDO has been the subject of several recent analyst reports. JPMorgan Chase & Co. raised their price target on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a report on Tuesday, June 2nd. Evercore started coverage on shares of Credo Technology Group in a report on Monday, June 22nd. They set an “outperform” rating and a $325.00 price objective on the stock. Mizuho increased their price objective on shares of Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research report on Tuesday, June 2nd. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. Finally, Bank of America boosted their target price on shares of Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $263.11.

Insider Activity

In related news, CFO Daniel W. Fleming sold 40,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the completion of the transaction, the chief financial officer directly owned 501,873 shares in the company, valued at approximately $125,207,276.04. This trade represents a 7.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $118.25, for a total value of $3,251,875.00. Following the completion of the transaction, the chief technology officer directly owned 6,134,870 shares of the company’s stock, valued at $725,448,377.50. The trade was a 0.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 389,384 shares of company stock valued at $74,982,168 in the last quarter. 11.84% of the stock is currently owned by company insiders.

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.