Headlands Technologies LLC Makes New Investment in Credo Technology Group Holding Ltd. $CRDO

Headlands Technologies LLC acquired a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 16,757 shares of the company’s stock, valued at approximately $4,557,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in CRDO. Reflection Asset Management bought a new position in shares of Credo Technology Group during the fourth quarter worth approximately $25,000. Acumen Wealth Advisors LLC bought a new stake in shares of Credo Technology Group in the fourth quarter valued at approximately $25,000. Orion Capital Management LLC bought a new stake in shares of Credo Technology Group in the second quarter valued at approximately $27,000. AlphaCentric Advisors LLC acquired a new stake in Credo Technology Group during the first quarter worth approximately $33,000. Finally, Van ECK Associates Corp acquired a new stake in Credo Technology Group during the fourth quarter worth approximately $37,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Barclays raised their price objective on Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. Mizuho increased their target price on Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. Needham & Company LLC raised their price target on Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. JPMorgan Chase & Co. raised their price target on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 2nd. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $250.00 price target on shares of Credo Technology Group in a research note on Tuesday, June 2nd. One investment 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’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $268.39.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $243.06, for a total value of $6,684,150.00. Following the sale, the chief technology officer directly owned 5,882,370 shares in the company, valued at approximately $1,429,768,852.20. This trade represents a 0.47% decrease in their position. 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, COO Yat Tung Lam sold 55,441 shares of Credo Technology Group stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the sale, the chief operating officer directly owned 2,529,169 shares in the company, valued at $538,763,580.38. This trade represents a 2.15% 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. In the last three months, insiders have sold 435,076 shares of company stock worth $101,043,506. Insiders own 11.84% of the company’s stock.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $232.75 on Monday. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67. The stock has a market capitalization of $43.74 billion, a price-to-earnings ratio of 93.85, a price-to-earnings-growth ratio of 1.06 and a beta of 3.23. The company’s 50 day simple moving average is $238.64 and its 200 day simple moving average is $187.33.

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, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The company had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. During the same quarter last year, the company posted $0.20 EPS. The company’s revenue for the quarter was up 157.0% compared to the same quarter last year. As a group, analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

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.