Steel Grove Capital Advisors LLC Purchases Shares of 2,574 Credo Technology Group Holding Ltd. $CRDO

Steel Grove Capital Advisors LLC purchased a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,574 shares of the company’s stock, valued at approximately $370,000.

A number of other hedge funds have also modified their holdings of CRDO. Bank of America Corp DE grew its position in shares of Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after acquiring an additional 1,406,752 shares during the last quarter. Rafferty Asset Management LLC purchased a new position in shares of Credo Technology Group during the third quarter worth approximately $183,553,000. Alliancebernstein L.P. grew its position in shares of Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after acquiring an additional 1,218,504 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Credo Technology Group by 18.3% during the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock worth $1,121,118,000 after acquiring an additional 1,190,522 shares during the last quarter. Finally, Marshall Wace LLP grew its position in shares of Credo Technology Group by 2,537.7% during the third quarter. Marshall Wace LLP now owns 1,150,000 shares of the company’s stock worth $167,452,000 after acquiring an additional 1,106,401 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Stock Down 0.2%

NASDAQ:CRDO opened at $221.23 on Thursday. The company has a market capitalization of $40.81 billion, a PE ratio of 122.91 and a beta of 3.17. Credo Technology Group Holding Ltd. has a 52-week low of $59.21 and a 52-week high of $233.70. The stock has a fifty day simple moving average of $153.11 and a 200-day simple moving average of $143.93.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. The firm had revenue of $407.01 million during the quarter, compared to analysts’ expectations of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The firm’s quarterly revenue was up 201.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.25 EPS. As a group, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently weighed in on CRDO. The Goldman Sachs Group lifted their price objective on shares of Credo Technology Group from $150.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Susquehanna lowered 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 research report on Tuesday, March 3rd. Jefferies Financial Group began coverage on shares of Credo Technology Group in a research report on Monday, April 13th. They issued a “buy” rating and a $175.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 price objective on shares of Credo Technology Group in a research report on Wednesday, April 15th. Finally, Rosenblatt Securities raised their target price on Credo Technology Group from $125.00 to $175.00 and gave the company a “neutral” rating in a report on Wednesday, April 15th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $210.65.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $178.99, for a total value of $4,922,225.00. Following the completion of the sale, the chief technology officer owned 6,024,870 shares in the company, valued at $1,078,391,481.30. The trade was a 0.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of Credo Technology Group stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $152.63, for a total value of $1,156,935.40. Following the completion of the sale, the chief financial officer owned 433,678 shares of the company’s stock, valued at $66,192,273.14. This trade represents a 1.72% 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. In the last 90 days, insiders have sold 386,608 shares of company stock worth $50,371,351. 11.84% of the stock is owned by company 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.