Pacific Point Advisors LLC Purchases Shares of 8,000 Credo Technology Group Holding Ltd. $CRDO

Pacific Point Advisors LLC purchased a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 8,000 shares of the company’s stock, valued at approximately $1,165,000.

Several other institutional investors and hedge funds have also modified their holdings of CRDO. Atlantic Union Bankshares Corp acquired a new stake in Credo Technology Group during the third quarter worth about $25,000. First Horizon Corp acquired a new position in Credo Technology Group in the third quarter valued at approximately $26,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in Credo Technology Group in the 2nd quarter worth approximately $27,000. Smartleaf Asset Management LLC grew its stake in shares of Credo Technology Group by 133.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock worth $38,000 after purchasing an additional 147 shares during the period. Finally, Park Place Capital Corp acquired a new stake in shares of Credo Technology Group during the 3rd quarter worth approximately $41,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Activity

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction on Friday, January 30th. The shares were sold at an average price of $128.67, for a total transaction of $241,256.25. Following the sale, the director owned 5,892,034 shares of the company’s stock, valued at $758,128,014.78. The trade was a 0.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $127.37, for a total transaction of $3,502,675.00. Following the sale, the chief technology officer directly owned 6,299,870 shares of the company’s stock, valued at $802,414,441.90. The trade was a 0.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 917,976 shares of company stock valued at $136,567,647 in the last three months. Company insiders own 11.84% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on CRDO shares. Weiss Ratings reissued a “hold (c)” rating on shares of Credo Technology Group in a report on Monday, December 29th. Zacks Research downgraded shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. TD Cowen restated a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Bank of America lifted their price target on Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. Finally, Barclays reiterated an “overweight” rating and set a $260.00 price target on shares of Credo Technology Group in a research report on Thursday, January 15th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $212.69.

Credo Technology Group Stock Down 0.3%

CRDO opened at $121.44 on Friday. The company has a market cap of $21.94 billion, a PE ratio of 106.53 and a beta of 2.65. Credo Technology Group Holding Ltd. has a twelve month low of $29.09 and a twelve month high of $213.80. The company has a 50-day moving average price of $139.52 and a 200 day moving average price of $142.77.

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 the consensus estimate of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company had revenue of $268.03 million during the quarter, compared to analyst estimates of $234.99 million. During the same period in the previous year, the business earned $0.07 EPS. Credo Technology Group’s quarterly revenue was up 272.1% on a year-over-year basis. As a group, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current 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.