Jefferies Financial Group Inc. Takes Position in Credo Technology Group Holding Ltd. $CRDO

Jefferies Financial Group Inc. purchased a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 12,111 shares of the company’s stock, valued at approximately $1,763,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CRDO. JPMorgan Chase & Co. lifted its position in Credo Technology Group by 36.5% during the second quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock valued at $602,662,000 after buying an additional 1,739,844 shares during the period. Rafferty Asset Management LLC purchased a new stake in shares of Credo Technology Group in the 3rd quarter worth about $183,553,000. Alliancebernstein L.P. increased its stake in shares of Credo Technology Group by 66.0% in the 2nd 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 in the last quarter. 1832 Asset Management L.P. bought a new position in shares of Credo Technology Group in the 2nd quarter worth about $82,479,000. Finally, Barclays PLC lifted its position in Credo Technology Group by 181.0% during the 3rd quarter. Barclays PLC now owns 1,082,081 shares of the company’s stock valued at $157,562,000 after acquiring an additional 696,983 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $150.77, for a total transaction of $8,292,350.00. Following the sale, the chief technology officer directly owned 6,503,961 shares in the company, valued at approximately $980,602,199.97. This trade represents a 0.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $127.69, for a total value of $6,384,500.00. Following the completion of the transaction, the chief executive officer owned 1,832,502 shares of the company’s stock, valued at $233,992,180.38. This represents a 2.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 423,085 shares of company stock worth $59,514,322 over the last ninety days. 11.84% of the stock is currently owned by insiders.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $115.91 on Thursday. The company has a 50-day simple moving average of $127.91 and a two-hundred day simple moving average of $143.24. The stock has a market capitalization of $21.38 billion, a PE ratio of 64.39 and a beta of 2.67. Credo Technology Group Holding Ltd. has a 52-week low of $29.09 and a 52-week high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.29. The firm had revenue of $407.01 million for the quarter, compared to analysts’ expectations of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business’s revenue for the quarter was up 201.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.25 earnings per share. As a group, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CRDO shares. Susquehanna dropped their price objective on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a research note on Tuesday, March 3rd. Barclays reiterated an “overweight” rating and set a $260.00 target price on shares of Credo Technology Group in a report on Thursday, January 15th. Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. TD Cowen restated a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Credo Technology Group in a research report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $206.33.

Credo Technology Group Company 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.