J. Safra Sarasin Holding AG Acquires New Position in Credo Technology Group Holding Ltd. $CRDO

J. Safra Sarasin Holding AG bought a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 6,875 shares of the company’s stock, valued at approximately $645,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. raised its stake in shares of 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 acquiring an additional 77 shares in the last quarter. QRG Capital Management Inc. boosted its stake in shares of Credo Technology Group by 1.7% in the 1st quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock valued at $507,000 after purchasing an additional 91 shares in the last quarter. Mark Sheptoff Financial Planning LLC boosted its stake in shares of Credo Technology Group by 2.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 5,150 shares of the company’s stock valued at $741,000 after purchasing an additional 100 shares in the last quarter. Spirepoint Private Client LLC grew its holdings in shares of Credo Technology Group by 6.6% during the 4th quarter. Spirepoint Private Client LLC now owns 1,688 shares of the company’s stock valued at $243,000 after purchasing an additional 105 shares during the last quarter. Finally, Crewe Advisors LLC grew its holdings in shares of Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 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 equities analysts recently commented on the stock. Rothschild & Co Redburn initiated coverage on shares of Credo Technology Group in a research report on Friday, May 1st. They issued a “buy” rating and a $206.00 target price on the stock. Needham & Company LLC raised their price objective on Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Jefferies Financial Group lifted their price objective on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Susquehanna boosted their target price on Credo Technology Group from $200.00 to $235.00 and gave the company a “positive” rating in a research note on Tuesday, June 2nd. Finally, Mizuho increased their target price on Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $263.11.

Insider Activity

In other news, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $269.84, for a total transaction of $7,420,600.00. Following the completion of the sale, the chief technology officer directly owned 5,909,870 shares in the company, valued at approximately $1,594,719,320.80. This represents a 0.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 40,000 shares of the stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the sale, the chief financial officer owned 501,873 shares of the company’s stock, valued at approximately $125,207,276.04. This represents a 7.38% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 329,662 shares of company stock valued at $76,068,196. Insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Down 4.0%

Shares of NASDAQ CRDO opened at $226.74 on Thursday. The firm’s fifty day moving average is $231.43 and its 200 day moving average is $166.44. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67. The company has a market cap of $42.28 billion, a price-to-earnings ratio of 91.43, a PEG ratio of 1.08 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.14. The business had revenue of $437.00 million during 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 quarter in the prior year, the company posted $0.20 EPS. Equities research 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.