Credo Technology Group Holding Ltd. $CRDO Shares Purchased by Estuary Capital Management LP

Estuary Capital Management LP boosted its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 87.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 412,227 shares of the company’s stock after purchasing an additional 192,218 shares during the quarter. Credo Technology Group makes up approximately 6.5% of Estuary Capital Management LP’s holdings, making the stock its largest holding. Estuary Capital Management LP owned about 0.22% of Credo Technology Group worth $38,696,000 as of its most recent SEC filing.

Other institutional investors 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 worth $25,000 after buying an additional 106 shares during the last quarter. Reflection Asset Management bought a new stake in shares of Credo Technology Group in the 4th quarter worth about $25,000. Acumen Wealth Advisors LLC acquired a new stake in shares of Credo Technology Group in the 4th quarter valued at about $25,000. Flagship Harbor Advisors LLC bought a new position in shares of Credo Technology Group during the fourth quarter worth about $32,000. Finally, Smallwood Wealth Investment Management LLC acquired a new position in Credo Technology Group in the fourth quarter worth about $36,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Trading Down 2.4%

Shares of NASDAQ CRDO opened at $208.14 on Tuesday. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67. The company has a market cap of $38.81 billion, a price-to-earnings ratio of 83.93, a price-to-earnings-growth ratio of 0.97 and a beta of 3.20. The stock’s 50 day simple moving average is $236.32 and its 200 day simple moving average is $170.62.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The business had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. During the same quarter in the prior year, the firm earned $0.20 earnings per share. The company’s quarterly revenue was up 157.0% on a year-over-year basis. As a group, equities analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on CRDO. Jefferies Financial Group upped their price objective on Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Susquehanna boosted their price target on Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a report on Tuesday, July 21st. Barclays upped their price target on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday, July 20th. Evercore assumed coverage on shares of Credo Technology Group in a report on Monday, June 22nd. They issued an “outperform” rating and a $325.00 price objective for the company. Finally, Weiss Ratings upgraded shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $266.17.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 3,790 shares of the company’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $258.71, for a total value of $980,510.90. Following the completion of the sale, the chief technology officer owned 140,358 shares of the company’s stock, valued at $36,312,018.18. This represents a 2.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Fariba Danesh sold 1,100 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $236.34, for a total transaction of $259,974.00. Following the completion of the transaction, the director owned 7,017 shares of the company’s stock, valued at $1,658,397.78. This trade represents a 13.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 274,662 shares of company stock valued at $65,966,071 in the last ninety days. Company insiders own 11.84% of the company’s stock.

About Credo Technology Group

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.