Toth Financial Advisory Corp Invests $1.16 Million in Credo Technology Group Holding Ltd. $CRDO

Toth Financial Advisory Corp bought a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the second quarter, HoldingsChannel.com reports. The fund bought 4,280 shares of the company’s stock, valued at approximately $1,164,000.

Other large investors also recently bought and sold shares of the company. M&T Bank Corp increased its holdings in shares of Credo Technology Group by 428.8% during the fourth quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock worth $1,932,000 after purchasing an additional 10,888 shares during the period. California State Teachers Retirement System lifted its holdings in shares of Credo Technology Group by 2.2% during the first quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock worth $22,612,000 after purchasing an additional 5,113 shares during the period. TimesSquare Capital Management LLC increased its holdings in Credo Technology Group by 5.5% in the fourth quarter. TimesSquare Capital Management LLC now owns 264,181 shares of the company’s stock valued at $38,013,000 after purchasing an additional 13,881 shares during the period. Corsair Capital Management L.P. bought a new stake in shares of Credo Technology Group in the 1st quarter valued at about $469,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Credo Technology Group by 154.5% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 32,468 shares of the company’s stock valued at $4,672,000 after buying an additional 19,708 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Roth Capital increased their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Rosenblatt Securities reaffirmed a “neutral” rating and set a $215.00 target price on shares of Credo Technology Group in a research note on Monday, August 24th. Wall Street Zen lowered Credo Technology Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Zacks Research lowered shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. Finally, Stifel Nicolaus boosted their target price on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus price target of $268.39.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $232.75 on Friday. The company has a fifty day moving average price of $238.64 and a 200-day moving average price of $186.88. The firm has a market cap of $43.74 billion, a price-to-earnings ratio of 93.85, a PEG ratio of 1.10 and a beta of 3.23. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.14. The business had revenue of $437.00 million for the quarter, compared to analysts’ expectations of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm’s revenue for the quarter was up 157.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.20 earnings per share. On average, research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other Credo Technology Group news, CFO Daniel W. Fleming sold 40,000 shares of the business’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total value of $9,979,200.00. Following the transaction, the chief financial officer owned 501,873 shares of the company’s stock, valued at approximately $125,207,276.04. The trade was a 7.38% decrease in their ownership of the stock. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Joseph Brennan sold 54,984 shares of the business’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $218.57, for a total value of $12,017,852.88. Following the completion of the transaction, the chief executive officer directly owned 367,327 shares in the company, valued at approximately $80,286,662.39. This represents a 13.02% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 435,076 shares of company stock valued at $101,043,506. Insiders own 11.84% of the company’s stock.

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.