Emerald Mutual Fund Advisers Trust Buys 5,950 Shares of Credo Technology Group Holding Ltd. $CRDO

Emerald Mutual Fund Advisers Trust raised its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 2.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 301,337 shares of the company’s stock after buying an additional 5,950 shares during the period. Credo Technology Group accounts for 1.4% of Emerald Mutual Fund Advisers Trust’s holdings, making the stock its 14th largest holding. Emerald Mutual Fund Advisers Trust’s holdings in Credo Technology Group were worth $28,287,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of CRDO. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Credo Technology Group by 16.2% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock worth $80,000 after buying an additional 77 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in shares of Credo Technology Group by 1.7% during the 1st quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock valued at $507,000 after acquiring an additional 91 shares in the last quarter. Mark Sheptoff Financial Planning LLC boosted its holdings in shares of Credo Technology Group by 2.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 5,150 shares of the company’s stock valued at $741,000 after acquiring an additional 100 shares in the last quarter. Spirepoint Private Client LLC grew its position in Credo Technology Group by 6.6% during the 4th quarter. Spirepoint Private Client LLC now owns 1,688 shares of the company’s stock worth $243,000 after acquiring an additional 105 shares during the last quarter. Finally, Crewe Advisors LLC grew its position in Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after acquiring an additional 106 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on CRDO. Needham & Company LLC increased their target price on Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Weiss Ratings raised Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Roth Capital boosted their price target on Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. Finally, Bank of America raised their price objective on shares of Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Credo Technology Group currently has a consensus rating of “Buy” and an average price target of $263.11.

Insider Buying and Selling

In other news, Director Sylvia Acevedo sold 2,208 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $211.00, for a total transaction of $465,888.00. Following the completion of the transaction, the director directly owned 16,337 shares in the company, valued at $3,447,107. This trade represents a 11.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Fariba Danesh sold 1,100 shares of Credo Technology Group stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $236.34, for a total value of $259,974.00. Following the completion of the transaction, the director directly owned 7,017 shares in the company, valued at approximately $1,658,397.78. This represents a 13.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 367,162 shares of company stock worth $82,045,746. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Down 8.1%

NASDAQ CRDO opened at $236.88 on Tuesday. The company has a market capitalization of $44.17 billion, a price-to-earnings ratio of 95.52, a PEG ratio of 1.18 and a beta of 3.20. Credo Technology Group Holding Ltd. has a twelve month low of $86.49 and a twelve month high of $308.67. The stock has a fifty day simple moving average of $230.01 and a 200 day simple moving average of $165.29.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.14. The business had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.Credo Technology Group’s revenue for the quarter was up 157.0% compared to the same quarter last year. During the same period last year, the company earned $0.20 EPS. 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.