Broad Peak Investment Advisers Pte Ltd Lowers Position in Credo Technology Group Holding Ltd. $CRDO

Broad Peak Investment Advisers Pte Ltd lessened its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 8.8% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 67,500 shares of the company’s stock after selling 6,500 shares during the quarter. Credo Technology Group makes up about 1.3% of Broad Peak Investment Advisers Pte Ltd’s holdings, making the stock its 17th largest position. Broad Peak Investment Advisers Pte Ltd’s holdings in Credo Technology Group were worth $6,336,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of CRDO. Northwestern Mutual Wealth Management Co. grew its holdings in Credo Technology Group by 16.2% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock worth $80,000 after buying an additional 77 shares in the last quarter. Mark Sheptoff Financial Planning LLC boosted its holdings in Credo Technology Group by 2.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 5,150 shares of the company’s stock worth $741,000 after acquiring an additional 100 shares during the last quarter. Spirepoint Private Client LLC boosted its holdings in Credo Technology Group by 6.6% during the 4th quarter. Spirepoint Private Client LLC now owns 1,688 shares of the company’s stock worth $243,000 after acquiring an additional 105 shares during the last quarter. Crewe Advisors LLC grew its stake in shares of Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after acquiring an additional 106 shares in the last quarter. Finally, CIBC Private Wealth Group LLC grew its stake in shares of Credo Technology Group by 14.8% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company’s stock worth $125,000 after acquiring an additional 111 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analyst Ratings Changes

CRDO has been the topic of a number of recent analyst reports. Mizuho raised their price target on shares of Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research report on Tuesday, June 2nd. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $250.00 price objective on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Jefferies Financial Group increased their price objective on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Susquehanna lifted their target price on shares of Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a research report on Tuesday, June 2nd. Finally, Needham & Company LLC boosted their target price on Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $263.11.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction on Friday, April 10th. The stock was sold at an average price of $118.25, for a total value of $3,251,875.00. Following the completion of the sale, the chief technology officer directly owned 6,134,870 shares of the company’s stock, valued at $725,448,377.50. This trade represents a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 54,984 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $218.57, for a total value of $12,017,852.88. Following the completion of the sale, the chief executive officer owned 367,327 shares in the company, valued at approximately $80,286,662.39. The trade was a 13.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 389,384 shares of company stock valued at $74,982,168. Company insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Up 3.2%

CRDO opened at $245.68 on Tuesday. Credo Technology Group Holding Ltd. has a twelve month low of $84.25 and a twelve month high of $308.67. The company’s 50-day moving average price is $214.77 and its two-hundred day moving average price is $157.64. The stock has a market cap of $45.81 billion, a price-to-earnings ratio of 99.06, a PEG ratio of 1.09 and a beta of 3.22.

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

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.