Credo Technology Group Holding Ltd. $CRDO Stake Boosted by Mutual Advisors LLC

Mutual Advisors LLC increased its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 195.6% during the 4th quarter, HoldingsChannel reports. The firm owned 3,976 shares of the company’s stock after acquiring an additional 2,631 shares during the period. Mutual Advisors LLC’s holdings in Credo Technology Group were worth $572,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CRDO. Bank of America Corp DE grew its stake in Credo Technology Group by 161.5% during the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after buying an additional 1,406,752 shares during the last quarter. Rafferty Asset Management LLC bought a new stake in Credo Technology Group in the third quarter valued at $183,553,000. Alliancebernstein L.P. boosted its holdings in shares of Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after acquiring an additional 1,218,504 shares during the period. JPMorgan Chase & Co. grew its position in shares of Credo Technology Group by 18.3% during the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock worth $1,121,118,000 after acquiring an additional 1,190,522 shares during the last quarter. Finally, Marshall Wace LLP grew its position in shares of Credo Technology Group by 2,537.7% during the third quarter. Marshall Wace LLP now owns 1,150,000 shares of the company’s stock worth $167,452,000 after acquiring an additional 1,106,401 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insiders Place Their Bets

In other news, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $5,884,000.00. Following the completion of the sale, the chief executive officer owned 1,782,502 shares in the company, valued at $209,764,835.36. This represents a 2.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total value of $3,234,000.00. Following the transaction, the chief technology officer directly owned 6,272,370 shares of the company’s stock, valued at $737,630,712. This represents a 0.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 386,608 shares of company stock valued at $50,371,351. 11.84% of the stock is currently owned by corporate insiders.

Credo Technology Group Trading Up 7.5%

CRDO stock opened at $193.57 on Wednesday. Credo Technology Group Holding Ltd. has a 52 week low of $45.65 and a 52 week high of $213.80. The company has a market capitalization of $35.70 billion, a price-to-earnings ratio of 107.54 and a beta of 3.17. The firm’s 50-day moving average is $127.37 and its two-hundred day moving average is $139.93.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business had revenue of $407.01 million during the quarter, compared to analysts’ expectations of $385.94 million. During the same period last year, the firm posted $0.25 earnings per share. The business’s revenue was up 201.5% on a year-over-year basis. On average, equities research analysts predict that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on CRDO. Weiss Ratings downgraded shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, April 24th. Roth Mkm dropped their price target on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. Susquehanna cut their price target on Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a report on Tuesday, March 3rd. Rosenblatt Securities increased their price objective on Credo Technology Group from $125.00 to $175.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Finally, Mizuho lowered their target price on Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average target price of $207.71.

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.