Kingsview Wealth Management LLC Buys New Position in Credo Technology Group Holding Ltd. $CRDO

Kingsview Wealth Management LLC purchased a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,408 shares of the company’s stock, valued at approximately $1,471,000.

Several other hedge funds have also made changes to their positions in CRDO. Reflection Asset Management acquired a new position in shares of Credo Technology Group in the fourth quarter valued at approximately $25,000. Acumen Wealth Advisors LLC acquired a new stake in Credo Technology Group during the 4th quarter worth approximately $25,000. Orion Capital Management LLC acquired a new stake in Credo Technology Group during the 2nd quarter worth approximately $27,000. AlphaCentric Advisors LLC purchased a new position in Credo Technology Group in the 1st quarter valued at approximately $33,000. Finally, Van ECK Associates Corp purchased a new position in Credo Technology Group in the 4th quarter valued at approximately $37,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insiders Place Their Bets

In other Credo Technology Group news, CFO Daniel W. Fleming sold 40,000 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total value of $9,979,200.00. Following the transaction, the chief financial officer directly owned 501,873 shares in the company, valued at $125,207,276.04. This represents a 7.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Joseph Brennan sold 54,984 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the sale, the chief executive officer directly owned 367,327 shares in the company, valued at approximately $80,286,662.39. The trade was a 13.02% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 435,076 shares of company stock valued at $101,043,506. 11.84% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on CRDO. Evercore began coverage on shares of Credo Technology Group in a research note on Monday, June 22nd. They issued an “outperform” rating and a $325.00 price target for the company. Mizuho upped their price target on Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. JPMorgan Chase & Co. increased their price target on Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a research report on Tuesday, June 2nd. Susquehanna lifted their price objective on Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Finally, Needham & Company LLC boosted their price objective on Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $268.39.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $232.75 on Friday. Credo Technology Group Holding Ltd. has a 1-year low of $86.49 and a 1-year high of $308.67. The stock has a market cap of $43.74 billion, a PE ratio of 93.85, a P/E/G ratio of 1.06 and a beta of 3.23. The stock’s fifty day moving average is $238.64 and its two-hundred day moving average is $186.88.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) 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 company had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same period in the previous year, the business earned $0.20 EPS. Credo Technology Group’s revenue for the quarter was up 157.0% on a year-over-year basis. On average, research analysts expect that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

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.