Credo Technology Group Holding Ltd. $CRDO Shares Newly Bought by Capstone Capital Management Ltd

Capstone Capital Management Ltd purchased a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,045 shares of the company’s stock, valued at approximately $593,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bank of America Corp DE increased its stake in Credo Technology Group by 13.7% in the 2nd quarter. Bank of America Corp DE now owns 2,182,764 shares of the company’s stock valued at $593,603,000 after buying an additional 262,479 shares during the last quarter. Atreides Management LP lifted its position in shares of Credo Technology Group by 3.5% during the 2nd quarter. Atreides Management LP now owns 1,129,285 shares of the company’s stock worth $307,109,000 after buying an additional 38,052 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Credo Technology Group by 192.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company’s stock worth $98,290,000 after buying an additional 688,596 shares during the last quarter. H&H International Investment LLC boosted its stake in shares of Credo Technology Group by 431.6% in the 1st quarter. H&H International Investment LLC now owns 751,200 shares of the company’s stock worth $70,515,000 after buying an additional 609,900 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Credo Technology Group by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 703,122 shares of the company’s stock worth $65,949,000 after buying an additional 3,501 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction on Thursday, October 8th. The stock was sold at an average price of $212.91, for a total transaction of $1,613,857.80. Following the completion of the transaction, the chief financial officer owned 492,208 shares in the company, valued at approximately $104,796,005.28. This represents a 1.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Pantas Sutardja sold 1,540 shares of the stock in a transaction on Monday, October 12th. The stock was sold at an average price of $212.22, for a total value of $326,818.80. Following the transaction, the director owned 5,890,494 shares of the company’s stock, valued at $1,250,080,636.68. The trade was a 0.03% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 441,286 shares of company stock valued at $88,910,653. Company insiders own 9.06% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CRDO shares. TD Cowen upped their target price on Credo Technology Group from $260.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, August 18th. Evercore set a $292.00 price target on Credo Technology Group in a report on Wednesday, September 2nd. Zacks Research lowered Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, August 3rd. JPMorgan Chase & Co. cut their price objective on Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 2nd. Finally, Barclays boosted their price objective on Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $262.67.

Credo Technology Group Stock Down 0.8%

Credo Technology Group stock opened at $171.51 on Wednesday. Credo Technology Group Holding Ltd. has a twelve month low of $86.49 and a twelve month high of $308.67. The firm has a 50 day moving average price of $201.57 and a 200-day moving average price of $206.74. The company has a market capitalization of $32.24 billion, a P/E ratio of 58.38, a P/E/G ratio of 0.69 and a beta of 3.25.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.03. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The company had revenue of $479.00 million for the quarter, compared to analysts’ expectations of $473.30 million. During the same quarter in the previous year, the firm posted $0.52 EPS. Credo Technology Group’s revenue was up 114.7% on a year-over-year basis. Equities analysts expect that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Credo Technology Group Profile

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.