Verus Capital Partners LLC Takes Position in Credo Technology Group Holding Ltd. $CRDO

Verus Capital Partners LLC bought a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 5,386 shares of the company’s stock, valued at approximately $506,000.

A number of other institutional investors have also modified their holdings of CRDO. Corient Private Wealth LLC grew its position in Credo Technology Group by 239,024.5% in the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after buying an additional 3,597,318 shares during the last quarter. Amundi increased its stake in shares of Credo Technology Group by 28,478.2% during the fourth quarter. Amundi now owns 1,559,796 shares of the company’s stock worth $224,439,000 after acquiring an additional 1,554,338 shares during the period. Janus Henderson Group PLC raised its holdings in Credo Technology Group by 841.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock worth $228,979,000 after purchasing an additional 1,422,391 shares in the last quarter. Bank of America Corp DE raised its holdings in 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 purchasing an additional 1,406,752 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its position in Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after purchasing an additional 1,218,504 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Activity at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the completion of the sale, the chief financial officer owned 504,708 shares of the company’s stock, valued at $124,097,603.04. This represents a 1.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $205.54, for a total transaction of $5,652,350.00. Following the completion of the transaction, the chief technology officer directly owned 5,799,870 shares in the company, valued at approximately $1,192,105,279.80. This represents a 0.47% 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. Over the last quarter, insiders have sold 302,162 shares of company stock valued at $72,810,546. 11.84% of the stock is owned by insiders.

Credo Technology Group Stock Performance

Shares of CRDO stock opened at $206.99 on Monday. The company has a market capitalization of $38.60 billion, a price-to-earnings ratio of 83.46, a PEG ratio of 0.95 and a beta of 3.23. The firm has a 50-day moving average price of $236.60 and a 200 day moving average price of $171.95. Credo Technology Group Holding Ltd. has a twelve month low of $86.49 and a twelve month high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last issued 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 firm had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. During the same period last year, the company earned $0.20 EPS. The firm’s quarterly revenue was up 157.0% on a year-over-year basis. As a group, research analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have issued reports on CRDO shares. TD Cowen increased their price objective on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Roth Capital upped their price target on shares of Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Wall Street Zen downgraded shares of Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday. Rothschild & Co Redburn started coverage on shares of Credo Technology Group in a research note on Friday, May 1st. They issued a “buy” rating and a $206.00 price objective for the company. Finally, Needham & Company LLC upped their target price on shares of Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $266.17.

Credo Technology Group 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.