Oppenheimer Asset Management Inc. Makes New Investment in Credo Technology Group Holding Ltd. $CRDO

Oppenheimer Asset Management Inc. purchased a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 11,161 shares of the company’s stock, valued at approximately $1,625,000.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Credo Technology Group by 2.7% during the second quarter. Vanguard Group Inc. now owns 16,375,368 shares of the company’s stock worth $1,516,195,000 after acquiring an additional 430,445 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Credo Technology Group by 36.5% during the second quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock worth $602,662,000 after purchasing an additional 1,739,844 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Credo Technology Group by 4.7% during the 2nd quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock valued at $334,740,000 after purchasing an additional 163,305 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after purchasing an additional 1,218,504 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of Credo Technology Group by 63.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after purchasing an additional 589,151 shares during the period. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $121.44 on Friday. The stock has a 50 day moving average price of $139.52 and a 200 day moving average price of $142.77. The stock has a market capitalization of $21.94 billion, a PE ratio of 106.53 and a beta of 2.65. Credo Technology Group Holding Ltd. has a 52 week low of $29.09 and a 52 week high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.18. The firm had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The business’s quarterly revenue was up 272.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.07 EPS. As a group, research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Analyst Ratings Changes

CRDO has been the topic of several research analyst reports. Rosenblatt Securities initiated coverage on shares of Credo Technology Group in a report on Wednesday, January 21st. They set a “neutral” rating and a $170.00 target price on the stock. Needham & Company LLC restated a “buy” rating and set a $220.00 price objective on shares of Credo Technology Group in a report on Tuesday. New Street Research set a $240.00 target price on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Wolfe Research set a $240.00 target price on Credo Technology Group in a report on Tuesday, December 2nd. Finally, KGI Securities upgraded Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price target on the stock in a report on Tuesday, December 2nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $212.69.

Insider Activity

In other Credo Technology Group news, Director Sylvia Acevedo sold 2,200 shares of the stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $159.18, for a total value of $350,196.00. Following the completion of the sale, the director owned 18,545 shares in the company, valued at $2,951,993.10. This trade represents a 10.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $127.37, for a total transaction of $3,502,675.00. Following the completion of the transaction, the chief technology officer directly owned 6,299,870 shares of the company’s stock, valued at approximately $802,414,441.90. This trade represents a 0.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 917,976 shares of company stock valued at $136,567,647. 11.84% of the stock is owned by corporate insiders.

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.