Cetera Investment Advisers Has $8.41 Million Stake in Credo Technology Group Holding Ltd. $CRDO

Cetera Investment Advisers boosted its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 32.2% during the 1st quarter, Holdings Channel reports. The institutional investor owned 89,562 shares of the company’s stock after buying an additional 21,809 shares during the quarter. Cetera Investment Advisers’ holdings in Credo Technology Group were worth $8,407,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Crewe Advisors LLC increased its stake in shares of Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after buying an additional 106 shares during the period. Reflection Asset Management acquired a new position in shares of Credo Technology Group in the fourth quarter worth approximately $25,000. Acumen Wealth Advisors LLC bought a new stake in Credo Technology Group in the fourth quarter valued at approximately $25,000. Flagship Harbor Advisors LLC bought a new stake in Credo Technology Group in the fourth quarter valued at approximately $32,000. Finally, AlphaCentric Advisors LLC acquired a new stake in Credo Technology Group during the 1st quarter valued at approximately $33,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Up 2.9%

NASDAQ:CRDO opened at $206.99 on Friday. The company has a fifty day moving average of $236.60 and a 200-day moving average of $171.84. The firm has a market capitalization of $38.60 billion, a P/E ratio of 83.46, a P/E/G ratio of 0.92 and a beta of 3.20. 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 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. The business had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. Credo Technology Group’s revenue was up 157.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.20 earnings per share. On average, analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Insider Activity

In related news, CEO William Joseph Brennan sold 54,984 shares of the company’s stock in a transaction that occurred on 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 directly owned 367,327 shares of the company’s stock, valued at approximately $80,286,662.39. This represents a 13.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $243.06, for a total value of $6,684,150.00. Following the completion of the transaction, the chief technology officer owned 5,882,370 shares in the company, valued at approximately $1,429,768,852.20. The trade was a 0.47% 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 90 days, insiders have sold 302,162 shares of company stock worth $72,810,546. Company insiders own 11.84% of the company’s stock.

Analyst Ratings Changes

CRDO has been the subject of several analyst reports. Roth Capital raised their price target on shares of Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Needham & Company LLC increased their price objective 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. Barclays lifted their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. Wall Street Zen lowered shares of Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday. Finally, JPMorgan Chase & Co. upped their price target on shares of Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a research report on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target 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.