Downshift Financial LLC Makes New $188,000 Investment in Credo Technology Group Holding Ltd. $CRDO

Downshift Financial LLC bought a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,000 shares of the company’s stock, valued at approximately $188,000.

Other hedge funds also recently made changes to their positions in the company. NewEdge Advisors LLC grew its holdings in shares of Credo Technology Group by 128.4% during the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after purchasing an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Credo Technology Group by 63.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after purchasing an additional 589,151 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Credo Technology Group by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock valued at $12,480,000 after buying an additional 7,107 shares in the last quarter. CW Advisors LLC bought a new stake in shares of Credo Technology Group during the second quarter worth $288,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Credo Technology Group by 198.2% during the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after buying an additional 333 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Trading Down 5.6%

Shares of CRDO opened at $250.69 on Tuesday. The company has a market capitalization of $46.75 billion, a PE ratio of 100.71, a PEG ratio of 1.11 and a beta of 3.20. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The stock’s 50-day moving average price is $222.52 and its two-hundred day moving average price is $161.46.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results 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 return on equity of 32.30% and a net margin of 35.37%.The company had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. During the same quarter in the prior year, the firm posted $0.20 earnings per share. The business’s quarterly revenue was up 157.0% on a year-over-year basis. Equities research analysts predict that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Analyst Ratings Changes

CRDO has been the subject of a number of research reports. Stifel Nicolaus increased their price target 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. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $250.00 target price on shares of Credo Technology Group in a report on Tuesday, June 2nd. Jefferies Financial Group increased their target price on Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Weiss Ratings upgraded Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Finally, Evercore started coverage on Credo Technology Group in a research note on Monday, June 22nd. They issued an “outperform” rating and a $325.00 price objective for the company. Two equities research 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’s stock. According to MarketBeat, Credo Technology Group currently has a consensus rating of “Buy” and a consensus price target of $263.11.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, Director Sylvia Acevedo sold 2,208 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $211.00, for a total transaction of $465,888.00. Following the completion of the transaction, the director owned 16,337 shares in the company, valued at approximately $3,447,107. This trade represents a 11.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Fariba Danesh sold 1,100 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $236.34, for a total transaction of $259,974.00. Following the transaction, the director owned 7,017 shares of the company’s stock, valued at approximately $1,658,397.78. The trade was a 13.55% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 363,372 shares of company stock worth $76,926,125. Company insiders own 11.84% of the company’s stock.

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.