Credo Technology Group Holding Ltd. $CRDO Shares Bought by Patriot Financial Group Insurance Agency LLC

Patriot Financial Group Insurance Agency LLC grew its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 157.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,931 shares of the company’s stock after purchasing an additional 5,456 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Credo Technology Group were worth $1,300,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in CRDO. Northwestern Mutual Wealth Management Co. purchased a new stake in Credo Technology Group during the first quarter worth $25,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in shares of Credo Technology Group in the second quarter worth about $27,000. Virtus Advisers LLC purchased a new stake in shares of Credo Technology Group during the 1st quarter worth about $31,000. Wolff Wiese Magana LLC grew its position in shares of Credo Technology Group by 200.0% during the 2nd quarter. Wolff Wiese Magana LLC now owns 450 shares of the company’s stock valued at $42,000 after acquiring an additional 300 shares during the period. Finally, Cullen Frost Bankers Inc. increased its stake in shares of Credo Technology Group by 278.4% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 473 shares of the company’s stock valued at $44,000 after purchasing an additional 348 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $148.08, for a total value of $8,144,400.00. Following the completion of the sale, the chief technology officer directly owned 6,778,961 shares in the company, valued at $1,003,828,544.88. This represents a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Yat Tung Lam sold 370,000 shares of the business’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $153.19, for a total value of $56,680,300.00. Following the transaction, the chief operating officer directly owned 400,000 shares in the company, valued at $61,276,000. This trade represents a 48.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,311,246 shares of company stock worth $200,335,333 in the last ninety days. Insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Up 8.3%

Shares of CRDO opened at $150.13 on Friday. Credo Technology Group Holding Ltd. has a 52-week low of $29.09 and a 52-week high of $213.80. The stock has a market cap of $27.12 billion, a PE ratio of 131.69 and a beta of 2.63. The firm’s fifty day moving average is $156.36 and its two-hundred day moving average is $129.49.

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. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The firm had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. During the same period last year, the firm posted $0.07 earnings per share. The company’s revenue for the quarter was up 272.1% on a year-over-year basis. As a group, research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have commented on CRDO. JPMorgan Chase & Co. initiated coverage on Credo Technology Group in a report on Friday, October 17th. They issued an “overweight” rating and a $165.00 price objective on the stock. Barclays increased their target price on Credo Technology Group from $165.00 to $220.00 and gave the company an “overweight” rating in a research report on Tuesday, December 2nd. Mizuho boosted their price target on shares of Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a report on Tuesday, December 2nd. Wolfe Research set a $240.00 price objective on shares of Credo Technology Group in a report on Tuesday, December 2nd. Finally, Wall Street Zen raised shares of Credo Technology Group from a “hold” rating to a “buy” rating in a research note on Sunday, September 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $206.85.

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.