Chung Wu Investment Group LLC Makes New Investment in Credo Technology Group Holding Ltd. $CRDO

Chung Wu Investment Group LLC purchased a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the 3rd quarter, Holdings Channel.com reports. The fund purchased 4,095 shares of the company’s stock, valued at approximately $596,000.

A number of other hedge funds also recently modified their holdings of CRDO. First Horizon Corp acquired a new stake in Credo Technology Group in the third quarter valued at $26,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in Credo Technology Group during the 2nd quarter worth about $27,000. Park Place Capital Corp bought a new stake in shares of Credo Technology Group in the 3rd quarter valued at about $41,000. Cullen Frost Bankers Inc. increased its stake in shares of Credo Technology Group by 278.4% in the second quarter. Cullen Frost Bankers Inc. now owns 473 shares of the company’s stock valued at $44,000 after buying an additional 348 shares during the period. Finally, Midwest Capital Advisors LLC acquired a new stake in shares of Credo Technology Group in the third quarter valued at about $45,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on CRDO shares. Roth Mkm lifted their price objective on Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Barclays restated an “overweight” rating and set a $260.00 price target on shares of Credo Technology Group in a report on Thursday, January 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Credo Technology Group in a research note on Monday, December 29th. Needham & Company LLC lifted their target price on shares of Credo Technology Group from $190.00 to $220.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Finally, Susquehanna boosted their target price on shares of Credo Technology Group from $165.00 to $175.00 and gave the company a “positive” rating in a report on Wednesday, October 22nd. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $216.54.

Insiders Place Their Bets

In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Monday, December 29th. The stock was sold at an average price of $143.41, for a total value of $7,887,550.00. Following the transaction, the chief technology officer directly owned 6,448,961 shares in the company, valued at $924,845,497.01. This trade represents a 0.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $153.16, for a total transaction of $7,658,000.00. Following the completion of the sale, the chief executive officer directly owned 1,892,502 shares of the company’s stock, valued at approximately $289,855,606.32. The trade was a 2.57% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 822,460 shares of company stock worth $124,493,784. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Trading Down 3.2%

NASDAQ:CRDO opened at $125.28 on Friday. Credo Technology Group Holding Ltd. has a 12 month low of $29.09 and a 12 month high of $213.80. The stock has a market capitalization of $22.63 billion, a price-to-earnings ratio of 109.90 and a beta of 2.66. The firm has a fifty day simple moving average of $150.50 and a two-hundred day simple moving average of $141.83.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.18. The firm had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The business’s quarterly revenue was up 272.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.07 earnings per share. Equities analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal 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.