Sigma Planning Corp Buys 3,360 Shares of Credo Technology Group Holding Ltd. $CRDO

Sigma Planning Corp increased its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 48.8% during the 4th quarter, Holdings Channel reports. The fund owned 10,239 shares of the company’s stock after buying an additional 3,360 shares during the quarter. Sigma Planning Corp’s holdings in Credo Technology Group were worth $1,473,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of CRDO. Atlantic Union Bankshares Corp acquired a new stake in Credo Technology Group in the third quarter worth $25,000. Crewe Advisors LLC grew its holdings in shares of Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after buying an additional 106 shares during the period. First Horizon Corp bought a new stake in shares of Credo Technology Group in the 3rd quarter valued at $26,000. Flagship Harbor Advisors LLC bought a new stake in shares of Credo Technology Group in the 4th quarter valued at $32,000. Finally, Smallwood Wealth Investment Management LLC acquired a new stake in Credo Technology Group during the 4th quarter worth $36,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

NASDAQ:CRDO opened at $184.38 on Monday. The stock’s 50-day simple moving average is $125.98 and its 200 day simple moving average is $139.49. The company has a market cap of $34.01 billion, a P/E ratio of 102.43 and a beta of 3.17. Credo Technology Group Holding Ltd. has a 52-week low of $45.65 and a 52-week high of $213.80.

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 the consensus estimate of $0.78 by $0.29. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The firm had revenue of $407.01 million during the quarter, compared to analysts’ expectations of $385.94 million. During the same period in the prior year, the firm posted $0.25 earnings per share. The business’s quarterly revenue was up 201.5% compared to the same quarter last year. As a group, equities analysts predict that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CRDO shares. Rosenblatt Securities boosted their target price on Credo Technology Group from $125.00 to $175.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. Rothschild & Co Redburn started coverage on shares of Credo Technology Group in a report on Friday. They set a “buy” rating and a $206.00 target price on the stock. Susquehanna dropped their price objective on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a report on Tuesday, March 3rd. Stifel Nicolaus set a $200.00 price target on Credo Technology Group in a research note on Tuesday, March 3rd. Finally, Mizuho cut their price target on Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $207.71.

Insider Buying and Selling

In other news, insider James Laufman sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $164.41, for a total value of $1,644,100.00. Following the completion of the sale, the insider directly owned 198,609 shares of the company’s stock, valued at $32,653,305.69. This trade represents a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Yat Tung Lam sold 3,180 shares of Credo Technology Group stock in a transaction that occurred on Sunday, April 5th. The stock was sold at an average price of $101.45, for a total value of $322,611.00. Following the transaction, the chief operating officer owned 2,610,329 shares of the company’s stock, valued at $264,817,877.05. This represents a 0.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 359,108 shares of company stock worth $45,449,126 in the last 90 days. 11.84% of the stock is owned by corporate insiders.

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.