7,351 Shares in Credo Technology Group Holding Ltd. $CRDO Bought by SlateStone Wealth LLC

SlateStone Wealth LLC purchased a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 7,351 shares of the company’s stock, valued at approximately $1,058,000.

A number of other hedge funds have also bought and sold shares of the business. VMS Asset Management Limited bought a new stake in Credo Technology Group during the fourth quarter worth $8,608,000. Prudential PLC lifted its holdings in Credo Technology Group by 60.4% during the fourth quarter. Prudential PLC now owns 91,690 shares of the company’s stock worth $13,193,000 after acquiring an additional 34,528 shares during the period. Vise Technologies Inc. lifted its holdings in Credo Technology Group by 77.5% during the fourth quarter. Vise Technologies Inc. now owns 4,823 shares of the company’s stock worth $694,000 after acquiring an additional 2,106 shares during the period. Daiwa Securities Group Inc. lifted its holdings in Credo Technology Group by 413.2% during the fourth quarter. Daiwa Securities Group Inc. now owns 17,820 shares of the company’s stock worth $2,564,000 after acquiring an additional 14,348 shares during the period. Finally, TD Asset Management Inc lifted its holdings in Credo Technology Group by 0.6% during the fourth quarter. TD Asset Management Inc now owns 120,538 shares of the company’s stock worth $17,344,000 after acquiring an additional 668 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total value of $3,234,000.00. Following the completion of the transaction, the chief technology officer directly owned 6,272,370 shares of the company’s stock, valued at $737,630,712. This trade represents a 0.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $5,884,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,782,502 shares of the company’s stock, valued at $209,764,835.36. The trade was a 2.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 386,608 shares of company stock valued at $50,371,351 over the last ninety days. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $206.89 on Friday. The business has a fifty day simple moving average of $169.65 and a two-hundred day simple moving average of $147.19. Credo Technology Group Holding Ltd. has a 1 year low of $66.75 and a 1 year high of $245.95. The company has a market capitalization of $38.16 billion, a P/E ratio of 83.42, a P/E/G ratio of 1.41 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a return on equity of 36.99% and a net margin of 35.37%.The business had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same period last year, the business posted $0.20 earnings per share. The business’s revenue for the quarter was up 157.0% on a year-over-year basis. As a group, analysts anticipate that Credo Technology Group Holding Ltd. will post 3.93 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CRDO. 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 report on Tuesday. JPMorgan Chase & Co. lifted their price target on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a report on Tuesday. TD Cowen raised their target price on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday. Susquehanna raised their target price on Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a research report on Tuesday. Finally, Stifel Nicolaus set a $250.00 target price on Credo Technology Group in a research report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus price target of $248.41.

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.