Zevenbergen Capital Investments LLC Has $28.09 Million Stock Position in Credo Technology Group Holding Ltd. $CRDO

Zevenbergen Capital Investments LLC raised its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 121.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 195,247 shares of the company’s stock after buying an additional 107,147 shares during the quarter. Zevenbergen Capital Investments LLC owned about 0.11% of Credo Technology Group worth $28,094,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the company. NewEdge Advisors LLC grew its holdings in shares of Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after buying an additional 3,972 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in 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 acquiring an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Credo Technology Group by 2.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock valued at $12,480,000 after acquiring an additional 7,107 shares in the last quarter. Prudential Financial Inc. boosted its position in Credo Technology Group by 96.4% during the 2nd quarter. Prudential Financial Inc. now owns 20,932 shares of the company’s stock worth $1,938,000 after acquiring an additional 10,274 shares during the last quarter. Finally, J.W. Cole Advisors Inc. bought a new position in shares of Credo Technology Group during the 2nd quarter worth approximately $209,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CTO Chi Fung Cheng sold 30,000 shares of the stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $136.33, for a total value of $4,089,900.00. Following the sale, the chief technology officer owned 6,327,370 shares in the company, valued at approximately $862,610,352.10. This represents a 0.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $127.69, for a total transaction of $6,384,500.00. Following the transaction, the chief executive officer directly owned 1,832,502 shares of the company’s stock, valued at approximately $233,992,180.38. This trade represents a 2.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 398,601 shares of company stock worth $50,891,520 over the last three months. 11.84% of the stock is owned by insiders.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $87.81 on Tuesday. Credo Technology Group Holding Ltd. has a 52-week low of $29.09 and a 52-week high of $213.80. The company has a market capitalization of $16.20 billion, a P/E ratio of 48.78 and a beta of 2.67. The company has a 50-day simple moving average of $116.56 and a 200 day simple moving average of $140.53.

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, topping analysts’ consensus estimates of $0.78 by $0.29. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The firm had revenue of $407.01 million for the quarter, compared to the consensus estimate of $385.94 million. During the same quarter in the previous year, the business earned $0.25 earnings per share. The business’s revenue was up 201.5% compared to the same quarter last year. As a group, equities analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of research reports. Rosenblatt Securities reissued a “neutral” rating and issued a $125.00 price objective on shares of Credo Technology Group in a research report on Monday, March 23rd. The Goldman Sachs Group set a $165.00 price objective on shares of Credo Technology Group and gave the stock a “buy” rating in a research note on Thursday, February 19th. Mizuho lowered their target price on Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 3rd. TD Cowen reissued a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Finally, Craig Hallum reaffirmed a “buy” rating and set a $200.00 price target on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and an average target price of $206.33.

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.