Credo Technology Group Holding Ltd. $CRDO Position Boosted by Meridiem Capital Partners LP

Meridiem Capital Partners LP increased its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 1,565.4% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 53,060 shares of the company’s stock after purchasing an additional 49,874 shares during the period. Meridiem Capital Partners LP’s holdings in Credo Technology Group were worth $7,726,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of CRDO. 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 acquiring an additional 1,739,844 shares in the last quarter. Rafferty Asset Management LLC acquired a new stake in shares of Credo Technology Group during the 3rd quarter valued at approximately $183,553,000. Alliancebernstein L.P. raised its position in shares of Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $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 Credo Technology Group during the second quarter worth $82,479,000. Finally, Barclays PLC boosted its holdings in Credo Technology Group by 181.0% in the third quarter. Barclays PLC now owns 1,082,081 shares of the company’s stock worth $157,562,000 after purchasing an additional 696,983 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. The Goldman Sachs Group set a $165.00 target price on shares of Credo Technology Group and gave the company a “buy” rating in a research note on Thursday, February 19th. Bank of America lifted their price target on shares of Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Mizuho dropped their price objective on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 3rd. Finally, Craig Hallum reissued a “buy” rating and issued a $200.00 target price on shares of Credo Technology Group in a report on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Credo Technology Group has an average rating of “Buy” and a consensus price target of $206.33.

Credo Technology Group Stock Up 4.8%

CRDO stock traded up $5.31 during trading on Friday, reaching $116.88. 738,341 shares of the company’s stock were exchanged, compared to its average volume of 7,072,661. Credo Technology Group Holding Ltd. has a 1-year low of $29.09 and a 1-year high of $213.80. The firm has a market cap of $21.56 billion, a PE ratio of 64.89 and a beta of 2.67. The company’s fifty day moving average price is $127.26 and its 200-day moving average price is $143.02.

Credo Technology Group (NASDAQ:CRDO) last issued 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 company had revenue of $407.01 million for the quarter, compared to analyst estimates of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The company’s quarterly revenue was up 201.5% compared to the same quarter last year. During the same period last year, the company earned $0.25 earnings per share. As a group, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Activity

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $127.69, for a total transaction of $6,384,500.00. Following the sale, the chief executive officer directly owned 1,832,502 shares in the company, valued at approximately $233,992,180.38. The trade was a 2.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief technology officer directly owned 6,503,961 shares of the company’s stock, valued at approximately $980,602,199.97. This represents a 0.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 423,085 shares of company stock worth $59,514,322. 11.84% of the stock is owned by corporate insiders.

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.