Equitable Holdings Inc. Invests $616,000 in Credo Technology Group Holding Ltd. $CRDO

Equitable Holdings Inc. purchased a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,264 shares of the company’s stock, valued at approximately $616,000.

Several other hedge funds also recently bought and sold shares of the business. NewEdge Advisors LLC lifted its position in shares of Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after purchasing an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Credo Technology Group by 63.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after purchasing an additional 589,151 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Credo Technology Group by 2.3% in 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 purchasing an additional 7,107 shares during the last quarter. CW Advisors LLC purchased a new position in Credo Technology Group in the 2nd quarter worth about $288,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in Credo Technology Group by 198.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock valued at $46,000 after buying an additional 333 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CRDO. Weiss Ratings restated a “hold (c+)” rating on shares of Credo Technology Group in a research note on Friday, August 21st. Barclays boosted their price target on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Evercore initiated coverage on Credo Technology Group in a research note on Monday, June 22nd. They issued an “outperform” rating and a $325.00 price objective on the stock. Roth Capital raised their price objective on Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Finally, Mizuho raised their price objective on Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $268.39.

Credo Technology Group Stock Down 3.1%

NASDAQ CRDO opened at $232.75 on Friday. 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 moving average price of $238.64 and a 200 day moving average price of $186.88. The firm has a market cap of $43.74 billion, a PE ratio of 93.85, a price-to-earnings-growth ratio of 1.06 and a beta of 3.23.

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, topping analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The firm had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. During the same quarter last year, the firm earned $0.20 EPS. The business’s quarterly revenue was up 157.0% on a year-over-year basis. On average, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 27,473 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $209.53, for a total value of $5,756,417.69. Following the completion of the transaction, the chief technology officer directly owned 5,772,397 shares of the company’s stock, valued at $1,209,490,343.41. This trade represents a 0.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Tung Lam sold 55,441 shares of Credo Technology Group stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the completion of the sale, the chief operating officer owned 2,529,169 shares of the company’s stock, valued at $538,763,580.38. This trade represents a 2.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 435,076 shares of company stock worth $101,043,506. Insiders own 11.84% of the company’s stock.

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.