Stephens Investment Management Group LLC Acquires 78,410 Shares of Credo Technology Group Holding Ltd. $CRDO

Stephens Investment Management Group LLC raised its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 78.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 178,363 shares of the company’s stock after purchasing an additional 78,410 shares during the quarter. Stephens Investment Management Group LLC owned approximately 0.10% of Credo Technology Group worth $25,971,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. California Public Employees Retirement System increased its position in Credo Technology Group by 17.2% in the second quarter. California Public Employees Retirement System now owns 257,567 shares of the company’s stock worth $23,848,000 after purchasing an additional 37,772 shares during the period. Global Trust Asset Management LLC bought a new position in shares of Credo Technology Group in the 3rd quarter valued at about $2,167,000. VIRGINIA RETIREMENT SYSTEMS ET Al grew its position in shares of Credo Technology Group by 34.6% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 28,400 shares of the company’s stock worth $4,135,000 after buying an additional 7,300 shares during the period. Thompson Davis & CO. Inc. bought a new stake in shares of Credo Technology Group during the second quarter worth approximately $382,000. Finally, Realta Investment Advisors bought a new stake in shares of Credo Technology Group during the second quarter worth approximately $300,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CRDO has been the subject of a number of analyst reports. Cowen reaffirmed a “buy” rating on shares of Credo Technology Group in a report on Tuesday, December 2nd. Bank of America lifted their price objective on Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 4th. Barclays restated an “overweight” rating and set a $260.00 target price on shares of Credo Technology Group in a report on Thursday. Finally, New Street Research set a $240.00 price target on Credo Technology Group in a research note on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $220.42.

Credo Technology Group Trading Up 1.2%

Credo Technology Group stock opened at $150.97 on Friday. Credo Technology Group Holding Ltd. has a 1-year low of $29.09 and a 1-year high of $213.80. The company has a fifty day simple moving average of $152.88 and a 200 day simple moving average of $139.06. The company has a market cap of $27.27 billion, a P/E ratio of 132.43 and a beta of 2.66.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data 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 the consensus estimate of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The company’s quarterly revenue was up 272.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.07 EPS. On average, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insiders Place Their Bets

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction on Thursday, October 30th. The shares were sold at an average price of $171.23, for a total transaction of $8,561,500.00. Following the sale, the chief executive officer directly owned 1,942,502 shares of the company’s stock, valued at approximately $332,614,617.46. This represents a 2.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Yat Tung Lam sold 370,000 shares of the stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the completion of the sale, the chief operating officer owned 400,000 shares of the company’s stock, valued at approximately $61,276,000. This represents a 48.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,090,476 shares of company stock valued at $167,418,363 in the last 90 days. 11.84% of the stock is currently owned by insiders.

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.