Robbins Farley Acquires Shares of 6,850 Credo Technology Group Holding Ltd. $CRDO

Robbins Farley bought a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 6,850 shares of the company’s stock, valued at approximately $997,000.

Several other large investors also recently modified their holdings of CRDO. Vanguard Group Inc. increased its holdings in Credo Technology Group by 2.7% during the 2nd quarter. Vanguard Group Inc. now owns 16,375,368 shares of the company’s stock valued at $1,516,195,000 after purchasing an additional 430,445 shares during the period. JPMorgan Chase & Co. grew its position in shares of Credo Technology Group by 36.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock worth $602,662,000 after buying an additional 1,739,844 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Credo Technology Group by 4.7% during the second quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock valued at $334,740,000 after buying an additional 163,305 shares during the period. Swedbank AB raised its holdings in shares of Credo Technology Group by 29.5% during the first quarter. Swedbank AB now owns 3,219,125 shares of the company’s stock valued at $129,280,000 after acquiring an additional 733,811 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after acquiring an additional 1,218,504 shares during the period. 80.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on CRDO. Cowen reissued a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Bank of America boosted their price target on shares of Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. Susquehanna increased their price target on shares of Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a research note on Wednesday, October 22nd. Wolfe Research set a $240.00 price objective on Credo Technology Group in a research report on Tuesday, December 2nd. Finally, William Blair started coverage on Credo Technology Group in a research report on Thursday, September 18th. They issued an “outperform” rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $206.85.

Insider Buying and Selling

In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $156.32, for a total transaction of $8,597,600.00. Following the sale, the chief technology officer directly owned 6,668,961 shares of the company’s stock, valued at approximately $1,042,491,983.52. This represents a 0.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Yat Tung Lam sold 370,000 shares of Credo Technology Group stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the completion of the transaction, the chief operating officer directly owned 400,000 shares of the company’s stock, valued at $61,276,000. This trade represents a 48.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,311,246 shares of company stock worth $199,553,783 in the last quarter. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Up 1.6%

Credo Technology Group stock opened at $150.18 on Thursday. Credo Technology Group Holding Ltd. has a twelve month low of $29.09 and a twelve month high of $213.80. The company has a market capitalization of $27.13 billion, a P/E ratio of 131.73 and a beta of 2.63. The stock’s 50 day moving average is $157.10 and its 200 day moving average is $131.47.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The business had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. During the same period in the previous year, the company posted $0.07 earnings per share. The company’s revenue for the quarter was up 272.1% compared to the same quarter last year. As a group, equities analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

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.