Credo Technology Group Holding Ltd. $CRDO Shares Acquired by Emerald Advisers LLC

Emerald Advisers LLC increased its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 0.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 498,574 shares of the company’s stock after purchasing an additional 2,435 shares during the period. Credo Technology Group accounts for about 1.5% of Emerald Advisers LLC’s holdings, making the stock its 11th biggest holding. Emerald Advisers LLC owned 0.27% of Credo Technology Group worth $46,801,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in CRDO. NewEdge Advisors LLC lifted its stake in Credo Technology Group by 128.4% in the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after buying an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Credo Technology Group by 63.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after acquiring an additional 589,151 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Credo Technology Group by 2.3% during 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 worth $12,480,000 after acquiring an additional 7,107 shares during the last quarter. CW Advisors LLC acquired a new position in shares of Credo Technology Group in the 2nd quarter valued at $288,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Credo Technology Group by 198.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock valued at $46,000 after acquiring an additional 333 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on CRDO shares. JPMorgan Chase & Co. increased their price target on shares of Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 2nd. TD Cowen lifted their price objective on shares of Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Roth Capital upped their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Bank of America increased 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 note on Tuesday, June 23rd. Finally, Rothschild & Co Redburn initiated coverage on Credo Technology Group in a report on Friday, May 1st. They set a “buy” rating and a $206.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $263.11.

Insider Activity

In other news, Director Fariba Danesh sold 1,100 shares of the business’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $236.34, for a total transaction of $259,974.00. Following the transaction, the director directly owned 7,017 shares in the company, valued at $1,658,397.78. The trade was a 13.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Sylvia Acevedo sold 2,208 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $211.00, for a total transaction of $465,888.00. Following the transaction, the director directly owned 16,337 shares of the company’s stock, valued at $3,447,107. This represents a 11.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 367,162 shares of company stock worth $82,045,746 in the last ninety days. 11.84% of the stock is currently owned by insiders.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $236.88 on Tuesday. The business has a 50 day simple moving average of $230.01 and a 200-day simple moving average of $165.29. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The stock has a market capitalization of $44.17 billion, a PE ratio of 95.52, a price-to-earnings-growth ratio of 1.18 and a beta of 3.20.

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

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.