Patriot Financial Group Insurance Agency LLC Boosts Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Patriot Financial Group Insurance Agency LLC lifted its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 157.0% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 8,931 shares of the company’s stock after purchasing an additional 5,456 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Credo Technology Group were worth $1,300,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. HighTower Advisors LLC purchased a new stake in Credo Technology Group during the first quarter worth $244,000. Russell Investments Group Ltd. raised its position in shares of Credo Technology Group by 19.2% in the 1st quarter. Russell Investments Group Ltd. now owns 53,581 shares of the company’s stock worth $2,152,000 after acquiring an additional 8,649 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Credo Technology Group by 5.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,027,989 shares of the company’s stock worth $41,285,000 after purchasing an additional 52,054 shares during the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in Credo Technology Group during the first quarter valued at about $25,000. Finally, Jump Financial LLC grew its stake in Credo Technology Group by 213.4% in the first quarter. Jump Financial LLC now owns 820,742 shares of the company’s stock valued at $32,961,000 after purchasing an additional 558,879 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Credo Technology Group from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. Stifel Nicolaus set a $160.00 target price on shares of Credo Technology Group in a research note on Wednesday, October 1st. JPMorgan Chase & Co. began coverage on shares of Credo Technology Group in a report on Friday, October 17th. They issued an “overweight” rating and a $165.00 price target on the stock. TD Cowen increased their price objective on Credo Technology Group from $190.00 to $240.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. Finally, New Street Research set a $240.00 target price on Credo Technology Group in a research note on Tuesday, December 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $206.85.

Insider Activity

In related news, Director Sylvia Acevedo sold 1,875 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $185.17, for a total value of $347,193.75. Following the sale, the director owned 21,098 shares in the company, valued at $3,906,716.66. This represents a 8.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Yat Tung Lam sold 370,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the transaction, the chief operating officer directly owned 400,000 shares of the company’s stock, valued at $61,276,000. This represents a 48.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 1,311,246 shares of company stock valued at $200,335,333. 11.84% of the stock is owned by insiders.

Credo Technology Group Price Performance

Shares of CRDO opened at $150.13 on Friday. The company’s fifty day moving average price is $156.36 and its 200-day moving average price is $129.49. Credo Technology Group Holding Ltd. has a 1-year low of $29.09 and a 1-year high of $213.80. The firm has a market capitalization of $27.12 billion, a PE ratio of 131.69 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. The company had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The firm’s revenue was up 272.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.07 EPS. As a group, research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

About Credo Technology Group

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.