Credo Technology Group Holding Ltd. $CRDO Shares Acquired by Mutual Advisors LLC

Mutual Advisors LLC lifted its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 195.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,976 shares of the company’s stock after purchasing an additional 2,631 shares during the period. Mutual Advisors LLC’s holdings in Credo Technology Group were worth $572,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Atlantic Union Bankshares Corp acquired a new stake in Credo Technology Group in the third quarter valued at $25,000. Crewe Advisors LLC grew its position in shares of Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after acquiring an additional 106 shares during the last quarter. First Horizon Corp acquired a new position in Credo Technology Group in the third quarter valued at $26,000. Flagship Harbor Advisors LLC purchased a new stake in Credo Technology Group during the 4th quarter valued at approximately $32,000. Finally, Smallwood Wealth Investment Management LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter worth $36,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $193.57 on Wednesday. The business’s 50-day moving average is $127.37 and its two-hundred day moving average is $139.93. Credo Technology Group Holding Ltd. has a 12 month low of $45.65 and a 12 month high of $213.80. The firm has a market capitalization of $35.70 billion, a PE ratio of 107.54 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. The business had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business’s quarterly revenue was up 201.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.25 earnings per share. Equities analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current year.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, insider James Laufman sold 10,000 shares of the business’s stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $164.41, for a total transaction of $1,644,100.00. Following the completion of the sale, the insider owned 198,609 shares in the company, valued at $32,653,305.69. The trade was a 4.79% 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. Also, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $178.99, for a total transaction of $4,922,225.00. Following the sale, the chief technology officer directly owned 6,024,870 shares in the company, valued at $1,078,391,481.30. This trade represents a 0.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 386,608 shares of company stock valued at $50,371,351 over the last 90 days. Insiders own 11.84% of the company’s stock.

Analyst Ratings Changes

CRDO has been the topic of a number of analyst reports. Stifel Nicolaus set a $200.00 price objective on Credo Technology Group in a report on Tuesday, March 3rd. Barclays reaffirmed an “overweight” rating and issued a $260.00 price target on shares of Credo Technology Group in a report on Thursday, January 15th. Zacks Research lowered Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Susquehanna reduced their price objective on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a research note on Tuesday, March 3rd. Finally, Rosenblatt Securities lifted their target price on shares of Credo Technology Group from $125.00 to $175.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $207.71.

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.