Krane Funds Advisors LLC Takes $1.99 Million Position in Credo Technology Group Holding Ltd. $CRDO

Krane Funds Advisors LLC acquired a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 13,840 shares of the company’s stock, valued at approximately $1,991,000.

Other large investors have also recently added to or reduced their stakes in the company. Crewe Advisors LLC boosted 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 period. Atlantic Union Bankshares Corp acquired a new position in shares of Credo Technology Group during the third quarter valued at $25,000. Flagship Harbor Advisors LLC bought a new stake in shares of Credo Technology Group during the fourth quarter valued at about $32,000. Smallwood Wealth Investment Management LLC bought a new stake in shares of Credo Technology Group during the fourth quarter valued at about $36,000. Finally, Smartleaf Asset Management LLC lifted its holdings in Credo Technology Group by 133.6% in the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock worth $38,000 after purchasing an additional 147 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CRDO has been the topic of several research analyst reports. Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Stifel Nicolaus set a $250.00 price objective on shares of Credo Technology Group in a report on Wednesday, May 27th. Jefferies Financial Group boosted their target price on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Susquehanna increased their price target on Credo Technology Group from $200.00 to $235.00 and gave the company a “positive” rating in a research note on Tuesday, June 2nd. Finally, Zacks Research upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. One research analyst has 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, Credo Technology Group presently has an average rating of “Moderate Buy” and an average target price of $248.41.

Insider Activity

In related news, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total value of $5,884,000.00. Following the completion of the transaction, the chief executive officer owned 1,782,502 shares of the company’s stock, valued at approximately $209,764,835.36. This trade represents a 2.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the transaction, the chief technology officer owned 6,272,370 shares in the company, valued at approximately $737,630,712. The trade was a 0.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 386,608 shares of company stock valued at $50,371,351. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Price Performance

CRDO stock opened at $206.89 on Monday. The firm has a market cap of $38.16 billion, a PE ratio of 83.42, a P/E/G ratio of 1.34 and a beta of 3.22. Credo Technology Group Holding Ltd. has a 12 month low of $66.75 and a 12 month high of $245.95. The firm has a 50 day simple moving average of $169.65 and a 200 day simple moving average of $147.21.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The company had revenue of $437.00 million during 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 company’s quarterly revenue was up 157.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.20 EPS. As a group, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 3.93 earnings per share for the current 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.