D.A. Davidson & CO. Makes New Investment in Credo Technology Group Holding Ltd. $CRDO

D.A. Davidson & CO. acquired a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the first quarter, Holdings Channel.com reports. The fund acquired 3,633 shares of the company’s stock, valued at approximately $341,000.

A number of other hedge funds have also recently made changes to their positions in the business. Crewe Advisors LLC increased its position in shares of Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after acquiring an additional 106 shares in the last quarter. Reflection Asset Management bought a new position in Credo Technology Group in the 4th quarter valued at about $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 bought a new stake in Credo Technology Group during the 4th quarter worth approximately $36,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CRDO has been the subject of several analyst reports. Rosenblatt Securities increased their price objective on Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 2nd. Evercore assumed coverage on Credo Technology Group in a research report on Monday, June 22nd. They set an “outperform” rating and a $325.00 target price on the stock. Weiss Ratings upgraded Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. The Goldman Sachs Group reissued a “buy” rating and issued a $250.00 price target on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Finally, Susquehanna raised their price objective on Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research note on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $266.17.

Credo Technology Group Stock Performance

Shares of CRDO stock opened at $213.15 on Friday. The company has a market capitalization of $39.75 billion, a price-to-earnings ratio of 85.95, a PEG ratio of 0.97 and a beta of 3.20. Credo Technology Group Holding Ltd. has a 52-week low of $86.49 and a 52-week high of $308.67. The company has a 50-day simple moving average of $235.28 and a two-hundred day simple moving average of $169.88.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $437.00 million for the quarter, compared to analysts’ expectations of $431.80 million. During the same quarter last year, the firm earned $0.20 EPS. The company’s quarterly revenue was up 157.0% compared to the same quarter last year. On average, sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Daniel W. Fleming sold 7,580 shares of Credo Technology Group stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the sale, the chief financial officer directly owned 504,708 shares in the company, valued at approximately $124,097,603.04. This trade represents a 1.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sylvia Acevedo sold 2,208 shares of the business’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $211.00, for a total value of $465,888.00. Following the completion of the transaction, the director directly owned 16,337 shares in the company, valued at approximately $3,447,107. This represents a 11.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 302,162 shares of company stock valued at $70,897,646. 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.