Stephens Investment Management Group LLC Raises Stock Position in Credo Technology Group Holding Ltd. $CRDO

Stephens Investment Management Group LLC increased its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 99.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 355,653 shares of the company’s stock after acquiring an additional 177,290 shares during the quarter. Stephens Investment Management Group LLC’s holdings in Credo Technology Group were worth $51,175,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. DNB Asset Management AS increased its holdings in Credo Technology Group by 102.8% in the 4th quarter. DNB Asset Management AS now owns 30,057 shares of the company’s stock worth $4,325,000 after acquiring an additional 15,239 shares in the last quarter. AMJ Financial Wealth Management acquired a new stake in Credo Technology Group during the 4th quarter worth $5,840,000. Convergence Investment Partners LLC boosted its stake in Credo Technology Group by 2.8% during the 4th quarter. Convergence Investment Partners LLC now owns 17,863 shares of the company’s stock worth $2,570,000 after purchasing an additional 494 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in Credo Technology Group during the 4th quarter worth $1,263,000. Finally, Baader Bank Aktiengesellschaft acquired a new stake in Credo Technology Group during the 4th quarter worth $4,042,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insider Activity

In other news, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the transaction, the chief executive officer owned 1,782,502 shares of the company’s stock, valued at approximately $209,764,835.36. The trade was a 2.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the transaction, the chief technology officer directly owned 6,272,370 shares in the company, valued at approximately $737,630,712. The trade was a 0.44% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 386,608 shares of company stock worth $50,371,351. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Trading Down 6.7%

Shares of CRDO stock opened at $172.17 on Friday. The company’s 50-day moving average price is $139.79 and its 200-day moving average price is $142.52. The stock has a market cap of $31.76 billion, a price-to-earnings ratio of 95.65 and a beta of 3.17. Credo Technology Group Holding Ltd. has a twelve month low of $57.21 and a twelve month high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.29. The firm had revenue of $407.01 million for the quarter, compared to analysts’ expectations of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company’s revenue was up 201.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.25 EPS. As a group, equities research analysts predict that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CRDO shares. Zacks Research cut shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Susquehanna lowered their target price on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a research note on Tuesday, March 3rd. Stifel Nicolaus set a $200.00 target price on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Roth Mkm lowered their target price on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. Finally, Jefferies Financial Group started coverage on shares of Credo Technology Group in a research note on Monday, April 13th. They set a “buy” rating and a $175.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and a consensus target price of $207.71.

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.