Credo Technology Group Holding Ltd. $CRDO Stock Holdings Boosted by Hennion & Walsh Asset Management Inc.

Hennion & Walsh Asset Management Inc. boosted its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 47.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,396 shares of the company’s stock after buying an additional 3,012 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Credo Technology Group were worth $2,555,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. NewEdge Advisors LLC grew its holdings in shares of Credo Technology Group by 128.4% in the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after acquiring an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Credo Technology Group by 63.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after purchasing an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Credo Technology Group by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after purchasing an additional 7,107 shares in the last quarter. CW Advisors LLC acquired a new stake in Credo Technology Group during the 2nd quarter valued at $288,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Credo Technology Group by 198.2% in the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock valued at $46,000 after purchasing an additional 333 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 27,473 shares of the stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $209.53, for a total transaction of $5,756,417.69. Following the completion of the sale, the chief technology officer owned 5,772,397 shares in the company, valued at $1,209,490,343.41. This represents a 0.47% decrease in their position. The sale was disclosed in a document filed 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 the firm’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the completion of the sale, the chief financial officer owned 504,708 shares in the company, valued at approximately $124,097,603.04. The trade was a 1.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 435,076 shares of company stock worth $101,043,506. 11.84% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CRDO. Roth Capital raised their target price on Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Jefferies Financial Group upped their price target on Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Zacks Research downgraded Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. Barclays raised their price objective on Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. Finally, TD Cowen lifted their target price on Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. One equities 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $266.17.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $239.93 on Tuesday. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67. The stock’s 50-day moving average is $237.71 and its two-hundred day moving average is $175.32. The firm has a market cap of $44.74 billion, a P/E ratio of 96.75, a price-to-earnings-growth ratio of 1.14 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly 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. 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 quarter in the prior year, the company posted $0.20 EPS. The firm’s revenue was up 157.0% on a year-over-year basis. On average, equities analysts expect that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

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.