Prosperitas Financial LLC Purchases New Stake in Credo Technology Group Holding Ltd. $CRDO

Prosperitas Financial LLC acquired a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the third quarter, according to its most recent disclosure with the SEC. The firm acquired 12,649 shares of the company’s stock, valued at approximately $2,464,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. California State Teachers Retirement System increased its holdings in Credo Technology Group by 2.2% in the 1st quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock valued at $22,612,000 after acquiring an additional 5,113 shares during the last quarter. Corsair Capital Management L.P. bought a new position in shares of Credo Technology Group during the 1st quarter valued at about $469,000. Lazard Asset Management LLC boosted its holdings in shares of Credo Technology Group by 55.6% during the 1st quarter. Lazard Asset Management LLC now owns 67,051 shares of the company’s stock valued at $6,294,000 after purchasing an additional 23,949 shares during the last quarter. Quantinno Capital Management LP grew its position in shares of Credo Technology Group by 68.4% during the first quarter. Quantinno Capital Management LP now owns 34,124 shares of the company’s stock valued at $3,203,000 after purchasing an additional 13,859 shares in the last quarter. Finally, Estuary Capital Management LP grew its position in shares of Credo Technology Group by 87.4% during the first quarter. Estuary Capital Management LP now owns 412,227 shares of the company’s stock valued at $38,696,000 after purchasing an additional 192,218 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Down 8.7%

Shares of NASDAQ CRDO opened at $150.99 on Friday. The firm has a market cap of $28.38 billion, a price-to-earnings ratio of 53.73, a PEG ratio of 0.66 and a beta of 3.25. Credo Technology Group Holding Ltd. has a 52-week low of $86.49 and a 52-week high of $308.67. The business’s 50 day moving average is $188.40 and its two-hundred day moving average is $180.84.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, topping the consensus estimate of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The business had revenue of $479.00 million during the quarter, compared to analyst estimates of $473.30 million. During the same period last year, the business posted $0.52 earnings per share. The company’s quarterly revenue was up 114.7% on a year-over-year basis. Analysts anticipate that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Insider Transactions at Credo Technology Group

In related news, CFO Daniel Fleming sold 7,580 shares of the stock in a transaction dated Thursday, October 8th. The stock was sold at an average price of $212.91, for a total transaction of $1,613,857.80. Following the transaction, the chief financial officer owned 492,208 shares of the company’s stock, valued at approximately $104,796,005.28. This represents a 1.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Brennan sold 16,666 shares of the firm’s stock in a transaction dated Monday, October 19th. The shares were sold at an average price of $174.87, for a total value of $2,914,383.42. Following the transaction, the chief executive officer owned 1,584,164 shares of the company’s stock, valued at $277,022,758.68. This trade represents a 1.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 352,538 shares of company stock worth $67,200,077. 9.06% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on CRDO. Stifel Nicolaus lowered their target price on Credo Technology Group from $350.00 to $310.00 and set a “buy” rating for the company in a report on Monday, October 5th. Bank of America cut their price target on Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a report on Wednesday, September 2nd. Rosenblatt Securities reiterated a “neutral” rating and issued a $235.00 target price on shares of Credo Technology Group in a report on Thursday, October 15th. Weiss Ratings lowered Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, October 6th. Finally, Wall Street Zen downgraded shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and a consensus target price of $262.67.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.