Capstone Capital Management Ltd Purchases New Stake in Credo Technology Group Holding Ltd. $CRDO

Capstone Capital Management Ltd purchased a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 3,045 shares of the company’s stock, valued at approximately $593,000.

Other institutional investors also recently modified their holdings of the company. Physician Wealth Advisors Inc. boosted its holdings in Credo Technology Group by 219.4% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 412 shares of the company’s stock worth $80,000 after buying an additional 283 shares during the period. Carnegie Investment Counsel raised its holdings in Credo Technology Group by 4.8% during the 3rd quarter. Carnegie Investment Counsel now owns 5,350 shares of the company’s stock valued at $1,042,000 after acquiring an additional 245 shares during the period. Robeco Institutional Asset Management B.V. raised its holdings in Credo Technology Group by 1.8% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 79,848 shares of the company’s stock valued at $15,554,000 after acquiring an additional 1,447 shares during the period. Revisor Wealth Management LLC raised its holdings in Credo Technology Group by 4.0% during the 3rd quarter. Revisor Wealth Management LLC now owns 10,433 shares of the company’s stock valued at $1,896,000 after acquiring an additional 397 shares during the period. Finally, Prime Capital Investment Advisors LLC lifted its position in shares of Credo Technology Group by 1.5% during the third quarter. Prime Capital Investment Advisors LLC now owns 5,474 shares of the company’s stock worth $1,066,000 after acquiring an additional 83 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Credo Technology Group

In other news, COO Yat Lam sold 55,441 shares of Credo Technology Group stock in a transaction dated Friday, July 31st. The stock was 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 in the company, valued at approximately $538,763,580.38. This trade represents a 2.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of the business’s stock in a transaction dated Tuesday, September 29th. The stock was sold at an average price of $193.93, for a total value of $5,333,075.00. Following the transaction, the chief technology officer directly owned 5,662,397 shares of the company’s stock, valued at $1,098,108,650.21. The trade was a 0.48% 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. Insiders sold a total of 441,286 shares of company stock worth $88,910,653 over the last 90 days. Corporate insiders own 9.06% of the company’s stock.

Analyst Upgrades and Downgrades

CRDO has been the topic of several recent research reports. Stifel Nicolaus dropped their target price on Credo Technology Group from $350.00 to $310.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. JPMorgan Chase & Co. reduced their price target on Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating for the company in a research report on Wednesday, September 2nd. Susquehanna boosted their price objective on Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Mizuho dropped their price objective on Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating on the stock in a report on Monday, September 21st. Finally, Zacks Research cut Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $262.67.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $171.51 on Wednesday. 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 has a market cap of $32.24 billion, a P/E ratio of 58.38, a PEG ratio of 0.69 and a beta of 3.25. The firm’s fifty day moving average price is $201.57 and its 200-day moving average price is $206.74.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The company had revenue of $479.00 million during the quarter, compared to analyst estimates of $473.30 million. During the same quarter last year, the company earned $0.52 earnings per share. The firm’s quarterly revenue was up 114.7% on a year-over-year basis. Sell-side analysts predict that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current year.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.