United Asset Strategies Inc. Purchases 3,563 Shares of Credo Technology Group Holding Ltd. $CRDO

United Asset Strategies Inc. purchased a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 3,563 shares of the company’s stock, valued at approximately $694,000.

Other large investors have also made changes to their positions in the company. California State Teachers Retirement System increased its holdings in shares of Credo Technology Group by 2.2% in the first quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock worth $22,612,000 after acquiring an additional 5,113 shares in the last quarter. Corsair Capital Management L.P. bought a new position in shares of Credo Technology Group during the 1st quarter valued at about $469,000. Lazard Asset Management LLC lifted its holdings in shares of Credo Technology Group by 55.6% during the 1st quarter. Lazard Asset Management LLC now owns 67,051 shares of the company’s stock valued at $6,294,000 after purchasing an additional 23,949 shares in the last quarter. Quantinno Capital Management LP grew its position in shares of Credo Technology Group by 68.4% in the 1st quarter. Quantinno Capital Management LP now owns 34,124 shares of the company’s stock valued at $3,203,000 after purchasing an additional 13,859 shares during the period. Finally, Estuary Capital Management LP grew its position in shares of Credo Technology Group by 87.4% in the 1st quarter. Estuary Capital Management LP now owns 412,227 shares of the company’s stock valued at $38,696,000 after purchasing an additional 192,218 shares during the period. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

CRDO stock opened at $150.99 on Friday. The stock has a market capitalization of $28.38 billion, a P/E ratio of 53.73, a P/E/G ratio of 0.66 and a beta of 3.25. The business has a 50-day moving average of $188.40 and a 200-day moving average of $180.84. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67.

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

Insiders Place Their Bets

In other news, CTO Chi Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $193.93, for a total value of $5,333,075.00. Following the sale, the chief technology officer directly owned 5,662,397 shares in the company, valued at $1,098,108,650.21. This trade represents a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Lam sold 50,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, September 25th. The shares were sold at an average price of $206.30, for a total transaction of $10,315,000.00. Following the completion of the sale, the chief operating officer owned 2,479,169 shares in the company, valued at $511,452,564.70. This trade represents a 1.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 352,538 shares of company stock valued at $67,200,077 in the last quarter. 9.06% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on CRDO shares. Rosenblatt Securities reissued a “neutral” rating and set a $235.00 target price on shares of Credo Technology Group in a research note on Thursday, October 15th. Bank of America reduced their price target on shares of Credo Technology Group from $340.00 to $275.00 and set a “buy” rating for the company in a report on Wednesday, September 2nd. Zacks Research cut shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, August 3rd. Barclays increased their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. Finally, Stifel Nicolaus dropped their price objective on shares of Credo Technology Group from $350.00 to $310.00 and set a “buy” rating on the stock in a report on Monday, October 5th. One equities research 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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $262.67.

Credo Technology Group Company 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.