Faithward Advisors LLC Takes Position in Credo Technology Group Holding Ltd. $CRDO

Faithward Advisors LLC purchased a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 9,550 shares of the company’s stock, valued at approximately $1,374,000.

Several other hedge funds and other institutional investors also recently modified their holdings of CRDO. Northwestern Mutual Wealth Management Co. grew its position in Credo Technology Group by 16.2% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock worth $80,000 after acquiring an additional 77 shares during the last quarter. Illinois Municipal Retirement Fund grew its position in Credo Technology Group by 0.6% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company’s stock worth $2,298,000 after acquiring an additional 91 shares during the last quarter. Mark Sheptoff Financial Planning LLC grew its position in Credo Technology Group by 2.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 5,150 shares of the company’s stock worth $741,000 after acquiring an additional 100 shares during the last quarter. Spirepoint Private Client LLC grew its position in Credo Technology Group by 6.6% during the 4th quarter. Spirepoint Private Client LLC now owns 1,688 shares of the company’s stock worth $243,000 after acquiring an additional 105 shares during the last quarter. Finally, Crewe Advisors LLC grew its position in Credo Technology Group by 163.1% during the 4th 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. Institutional investors own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Craig Hallum restated a “buy” rating and set a $200.00 price objective on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Stifel Nicolaus set a $250.00 price objective on Credo Technology Group in a research report on Wednesday, May 27th. Bank of America boosted their price objective on Credo Technology Group from $210.00 to $252.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Roth Mkm boosted their price objective on Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Finally, Weiss Ratings upgraded Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $248.41.

Credo Technology Group Trading Up 3.4%

NASDAQ CRDO opened at $259.41 on Tuesday. The firm has a market capitalization of $47.85 billion, a PE ratio of 104.60, a price-to-earnings-growth ratio of 1.32 and a beta of 3.22. The business’s 50-day moving average price is $187.62 and its two-hundred day moving average price is $151.53. Credo Technology Group Holding Ltd. has a 12 month low of $75.50 and a 12 month high of $270.21.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The company had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a return on equity of 36.99% and a net margin of 35.37%.The firm’s revenue was up 157.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.20 EPS. As a group, analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Trending Headlines about Credo Technology Group

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: Credo remains a beneficiary of the AI data-center upgrade cycle, with analysts citing stronger demand for its connectivity products and growing optical-scale opportunities. Credo Technology Rides the AI Interconnect Upgrade Cycle
• Positive Sentiment: Recent commentary continued to frame CRDO as a momentum name after its strong earnings-driven rally, reinforcing bullish interest in the stock. Credo Technology Group Holding Ltd. (CRDO) is a Great Momentum Stock: Should You Buy?
• Neutral Sentiment: CFO Daniel Fleming sold 40,000 shares under a 10b5-1 plan to cover tax obligations related to equity vesting, which is more administrative than a negative business signal. SEC Form 4 filing
• Negative Sentiment: Some reports warned that after a steep rally, CRDO’s valuation is becoming rich, leaving the shares vulnerable if growth, margins, or customer ramps disappoint. Is CRDO Stock Still Worth Buying After Its Massive Run Higher?

Insider Activity

In other news, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $118.25, for a total value of $3,251,875.00. Following the transaction, the chief technology officer directly owned 6,134,870 shares of the company’s stock, valued at $725,448,377.50. The trade was a 0.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 40,000 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $249.48, for a total value of $9,979,200.00. Following the completion of the transaction, the chief financial officer directly owned 501,873 shares in the company, valued at $125,207,276.04. This represents a 7.38% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 389,384 shares of company stock valued at $66,025,968 in the last ninety days. 11.84% of the stock is owned by company insiders.

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.