Credo Technology Group Holding Ltd. $CRDO Stock: M & L Capital Management Ltd Boosts Position

M & L Capital Management Ltd raised its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 23.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 50,700 shares of the company’s stock after purchasing an additional 9,600 shares during the period. Credo Technology Group accounts for approximately 2.1% of M & L Capital Management Ltd’s portfolio, making the stock its 15th largest holding. M & L Capital Management Ltd’s holdings in Credo Technology Group were worth $9,876,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of CRDO. California State Teachers Retirement System lifted its stake in shares of Credo Technology Group by 2.2% during the 1st quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock valued at $22,612,000 after buying an additional 5,113 shares in the last quarter. Corsair Capital Management L.P. bought a new position in Credo Technology Group in the 1st quarter worth approximately $469,000. Lazard Asset Management LLC grew its stake in Credo Technology Group by 55.6% in the 1st quarter. Lazard Asset Management LLC now owns 67,051 shares of the company’s stock valued at $6,294,000 after buying an additional 23,949 shares in the last quarter. Quantinno Capital Management LP grew its stake in Credo Technology Group by 68.4% in the 1st quarter. Quantinno Capital Management LP now owns 34,124 shares of the company’s stock valued at $3,203,000 after buying an additional 13,859 shares in the last quarter. Finally, Estuary Capital Management LP grew its stake in Credo Technology Group by 87.4% in the 1st quarter. Estuary Capital Management LP now owns 412,227 shares of the company’s stock valued at $38,696,000 after buying an additional 192,218 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CRDO has been the topic of a number of analyst reports. Zacks Research cut shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, August 3rd. Mizuho cut their price target on Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating for the company in a report on Monday, September 21st. 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. Wall Street Zen cut Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $262.67.

Credo Technology Group Stock Up 10.8%

Shares of NASDAQ CRDO opened at $167.43 on Wednesday. The firm has a market capitalization of $31.47 billion, a P/E ratio of 59.58 and a beta of 3.25. The stock’s 50-day simple moving average is $192.84 and its two-hundred day simple moving average is $180.63. 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 released its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.03. The business had revenue of $479.00 million during the quarter, compared to analysts’ expectations of $473.30 million. During the same period in the previous year, the business earned $0.52 EPS. The business’s revenue was up 114.7% on a year-over-year basis. As a group, research analysts anticipate that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other Credo Technology Group news, Director Pantas Sutardja sold 1,540 shares of Credo Technology Group stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $212.22, for a total transaction of $326,818.80. Following the completion of the sale, the director directly owned 5,890,494 shares in the company, valued at $1,250,080,636.68. The trade was a 0.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel Fleming sold 7,580 shares of the business’s stock in a transaction that occurred on Thursday, October 8th. The stock was sold at an average price of $212.91, for a total transaction of $1,613,857.80. Following the completion of the transaction, the chief financial officer directly owned 492,208 shares of the company’s stock, valued at approximately $104,796,005.28. This represents a 1.52% 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 457,952 shares of company stock valued at $90,919,736 over the last three months. Corporate insiders own 9.06% of the company’s stock.

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.