2,264 Shares in Credo Technology Group Holding Ltd. $CRDO Purchased by Equitable Holdings Inc.

Equitable Holdings Inc. purchased a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the second quarter, Holdings Channel reports. The fund purchased 2,264 shares of the company’s stock, valued at approximately $616,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. NewEdge Advisors LLC lifted its position in Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after purchasing an additional 3,972 shares during the period. 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 during the period. 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 during the period. CW Advisors LLC purchased a new position in shares of Credo Technology Group during the 2nd quarter valued at about $288,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Credo Technology Group by 198.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock valued at $46,000 after buying an additional 333 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Credo Technology Group

In other news, COO Yat Tung Lam sold 55,441 shares of the business’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the completion of the sale, the chief operating officer owned 2,529,169 shares of the company’s stock, valued at $538,763,580.38. The trade was a 2.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 54,984 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the transaction, the chief executive officer owned 367,327 shares of the company’s stock, valued at approximately $80,286,662.39. This trade represents a 13.02% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 435,076 shares of company stock valued at $101,043,506. 11.84% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CRDO has been the topic of several recent research reports. Roth Capital upped their price objective 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. Rosenblatt Securities reiterated a “neutral” rating and issued a $215.00 target price on shares of Credo Technology Group in a research note on Monday, August 24th. Barclays increased their price target on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. Zacks Research lowered shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. Finally, Wall Street Zen downgraded shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $268.39.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $232.75 on Friday. The stock has a market capitalization of $43.74 billion, a PE ratio of 93.85, a price-to-earnings-growth ratio of 1.06 and a beta of 3.23. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The business has a 50 day simple moving average of $238.64 and a 200-day simple moving average of $186.88.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, June 1st. The company reported $1.16 earnings per share 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 business had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same period in the prior year, the company posted $0.20 EPS. The business’s quarterly revenue was up 157.0% on a year-over-year basis. On average, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS 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.