Moran Wealth Management LLC Acquires Shares of 48,269 Credo Technology Group Holding Ltd. $CRDO

Moran Wealth Management LLC bought a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 48,269 shares of the company’s stock, valued at approximately $4,531,000.

A number of other institutional investors have also modified their holdings of CRDO. Crewe Advisors LLC raised 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 valued at $25,000 after purchasing an additional 106 shares in the last quarter. Reflection Asset Management purchased a new stake in Credo Technology Group during the fourth quarter valued at approximately $25,000. Acumen Wealth Advisors LLC purchased a new stake in shares of Credo Technology Group during the 4th quarter valued at $25,000. Flagship Harbor Advisors LLC purchased a new stake in Credo Technology Group in the fourth quarter valued at about $32,000. Finally, Smallwood Wealth Investment Management LLC purchased a new position in shares of Credo Technology Group in the 4th quarter valued at approximately $36,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Sylvia Acevedo sold 2,208 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $211.00, for a total transaction of $465,888.00. Following the completion of the sale, the director owned 16,337 shares in the company, valued at $3,447,107. This trade represents a 11.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Fariba Danesh sold 1,100 shares of Credo Technology Group 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 sale, the director directly owned 7,017 shares in the company, valued at approximately $1,658,397.78. The trade was a 13.55% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 390,872 shares of company stock worth $79,763,850. 11.84% of the stock is currently owned by company insiders.

Trending Headlines about Credo Technology Group

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

• Positive Sentiment: Credo’s DustPhotonics deal is seen as deepening its AI data center connectivity strategy and adding another growth catalyst. How Credo Technology Group Holding Ltd’s (CRDO) DustPhotonics Deal Deepens Its AI Data Center Connectivity Roadmap
• Positive Sentiment: Credo was added to larger Russell benchmarks, including the Russell 1000 and Russell Midcap, which can increase index-driven buying and reflects its growth in market stature. How Credo’s Shift Into Larger Russell Indices and AI Connectivity Focus Will Impact CRDO Investors
• Positive Sentiment: Active Electrical Cables are driving adoption and supporting Credo’s long-term AI connectivity growth outlook as reliability improves and customer usage expands. How are Active Electrical Cables Driving Credo’s Growth?
• Positive Sentiment: Analyst estimate revisions remain strongly favorable, with multiple upward EPS and revenue revisions over the past three months, suggesting continued confidence in growth. How Credo Technology Group Holding Ltd’s (CRDO) DustPhotonics Deal Deepens Its AI Data Center Connectivity Roadmap
• Neutral Sentiment: Credo continues to be highlighted by momentum-stock screens and “profitable stocks” lists, reinforcing market interest but not changing the core business outlook. Micron & 2 Profitable Stocks to Buy in July for Explosive Upside
• Neutral Sentiment: Despite the bullish setup, one market commentary notes the stock has already run sharply this year and suggests limited near-term upside after the rally. Price Prediction: Up 90% YTD, Will Credo’s Rally Continue?
• Negative Sentiment: CTO Chi Fung Cheng sold 27,500 shares in a pre-arranged 10b5-1 plan, which can weigh on sentiment even though it was a routine transaction. Chi Fung Cheng Sells 27,500 Shares of Credo Technology Group (NASDAQ:CRDO) Stock

Analyst Ratings Changes

CRDO has been the subject of a number of research reports. Jefferies Financial Group lifted their price target on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Rosenblatt Securities boosted their target price on shares of Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Bank of America raised their price objective on Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Susquehanna boosted their target price on shares of Credo Technology Group from $200.00 to $235.00 and gave the stock 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. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Credo Technology Group presently has an average rating of “Buy” and an average target price of $263.11.

Credo Technology Group Stock Performance

Shares of CRDO stock opened at $241.91 on Friday. Credo Technology Group Holding Ltd. has a twelve month low of $86.49 and a twelve month high of $308.67. The company’s 50-day moving average price is $220.92 and its 200-day moving average price is $160.44. The stock has a market cap of $45.11 billion, a price-to-earnings ratio of 97.54, a PEG ratio of 1.11 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share (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 firm had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. During the same period last year, the business earned $0.20 earnings per share. Credo Technology Group’s revenue was up 157.0% compared to the same quarter last year. As a group, equities research analysts predict that Credo Technology Group Holding Ltd. will post 4.84 EPS 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.