Spyglass Capital Management LLC Acquires 203,130 Shares of Credo Technology Group Holding Ltd. $CRDO

Spyglass Capital Management LLC lifted its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 52.2% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 591,990 shares of the company’s stock after acquiring an additional 203,130 shares during the quarter. Credo Technology Group accounts for about 3.9% of Spyglass Capital Management LLC’s investment portfolio, making the stock its 13th largest holding. Spyglass Capital Management LLC’s holdings in Credo Technology Group were worth $55,570,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CRDO. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Credo Technology Group by 16.2% in 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 during the period. QRG Capital Management Inc. raised its stake in shares of Credo Technology Group by 1.7% during 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 during the period. Bank of Nova Scotia raised its stake in shares of Credo Technology Group by 1.6% during the 1st quarter. Bank of Nova Scotia now owns 6,026 shares of the company’s stock valued at $566,000 after purchasing an additional 92 shares during the period. Mark Sheptoff Financial Planning LLC lifted 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 purchasing an additional 100 shares in the last quarter. Finally, Spirepoint Private Client LLC lifted 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 purchasing an additional 105 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $192.28 on Wednesday. The firm has a fifty day moving average of $236.79 and a 200 day moving average of $170.98. Credo Technology Group Holding Ltd. has a 52-week low of $86.49 and a 52-week high of $308.67. The firm has a market capitalization of $35.86 billion, a PE ratio of 77.53, a price-to-earnings-growth ratio of 0.95 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.02 by $0.14. The firm had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The company’s revenue was up 157.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.20 EPS. On average, sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Insider Activity at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 40,000 shares of Credo Technology Group stock in a transaction on Thursday, June 11th. The shares were 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 in the company, valued at $125,207,276.04. This trade represents a 7.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the sale, the chief executive officer owned 367,327 shares of the company’s stock, valued at approximately $80,286,662.39. The trade was a 13.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 302,162 shares of company stock valued at $72,080,421. Insiders own 11.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. lifted their target price on Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a report on Tuesday, June 2nd. Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Stifel Nicolaus raised their price objective 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. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. Finally, Mizuho increased their target price on shares of Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $266.17.

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.