Generali Investments Management Co LLC Purchases New Shares in Credo Technology Group Holding Ltd. $CRDO

Generali Investments Management Co LLC purchased a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 2,555 shares of the company’s stock, valued at approximately $695,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Reflection Asset Management purchased a new stake in Credo Technology Group during the fourth quarter valued at about $25,000. Acumen Wealth Advisors LLC purchased a new position in shares of Credo Technology Group in the fourth quarter worth approximately $25,000. Flagship Harbor Advisors LLC purchased a new position in shares of Credo Technology Group in the fourth quarter worth approximately $32,000. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter valued at approximately $36,000. Finally, Van ECK Associates Corp acquired a new stake in shares of Credo Technology Group during the fourth quarter valued at approximately $37,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on CRDO shares. Evercore started coverage on shares of Credo Technology Group in a research note on Monday, June 22nd. They issued an “outperform” rating and a $325.00 price objective for the company. Zacks Research downgraded shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. Barclays increased their target price on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Weiss Ratings upgraded Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Finally, Mizuho lifted their price target on Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a report on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $266.17.

Insiders Place Their Bets

In related news, COO Yat Tung Lam sold 55,441 shares of Credo Technology Group stock in a transaction on Friday, July 31st. The shares were sold at an average price of $213.02, for a total value of $11,810,041.82. Following the completion of the sale, the chief operating officer owned 2,529,169 shares of the company’s stock, valued at approximately $538,763,580.38. The trade was a 2.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,473 shares of the company’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $209.53, for a total transaction of $5,756,417.69. Following the completion of the sale, the chief technology officer owned 5,772,397 shares of the company’s stock, valued at $1,209,490,343.41. This represents a 0.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 435,076 shares of company stock valued at $101,043,506 over the last ninety days. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $239.93 on Tuesday. The firm has a market cap of $44.74 billion, a price-to-earnings ratio of 96.75, a P/E/G ratio of 1.14 and a beta of 3.23. The stock has a 50-day simple moving average of $237.71 and a 200-day simple moving average of $175.32. Credo Technology Group Holding Ltd. has a 52-week low of $86.49 and a 52-week high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. The firm had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The firm’s revenue was up 157.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.20 earnings per share. As a group, equities research analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

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.