Plato Investment Management Ltd Invests $688,000 in Credo Technology Group Holding Ltd. $CRDO

Plato Investment Management Ltd bought a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 4,758 shares of the company’s stock, valued at approximately $688,000.

Several other institutional investors and hedge funds have also modified their holdings of CRDO. NewEdge Advisors LLC boosted its holdings in shares of Credo Technology Group by 128.4% in the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after acquiring an additional 3,972 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Credo Technology Group by 63.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after buying an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Credo Technology Group by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after buying an additional 7,107 shares in the last quarter. CW Advisors LLC acquired a new position in Credo Technology Group during the 2nd quarter worth $288,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in Credo Technology Group by 198.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after buying an additional 333 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Mizuho reduced their price objective on Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, March 3rd. Roth Mkm reduced their price objective on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Barclays reaffirmed an “overweight” rating and set a $260.00 price objective on shares of Credo Technology Group in a report on Thursday, January 15th. Stifel Nicolaus set a $200.00 price objective on Credo Technology Group in a report on Tuesday, March 3rd. Finally, Rosenblatt Securities upped 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. 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’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $207.71.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 7,580 shares of the company’s stock in a transaction on Tuesday, April 14th. The shares were sold at an average price of $152.63, for a total transaction of $1,156,935.40. Following the completion of the sale, the chief financial officer owned 433,678 shares in the company, valued at approximately $66,192,273.14. The trade was a 1.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $178.99, for a total transaction of $4,922,225.00. Following the sale, the chief technology officer owned 6,024,870 shares of the company’s stock, valued at $1,078,391,481.30. The trade was a 0.45% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 386,608 shares of company stock worth $50,371,351. 11.84% of the stock is currently owned by insiders.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $188.51 on Monday. The firm has a fifty day moving average of $130.21 and a two-hundred day moving average of $140.68. The stock has a market capitalization of $34.77 billion, a price-to-earnings ratio of 104.73 and a beta of 3.17. Credo Technology Group Holding Ltd. has a 52 week low of $49.67 and a 52 week high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating the consensus estimate of $0.78 by $0.29. The company had revenue of $407.01 million during the quarter, compared to analysts’ expectations of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business’s revenue for the quarter was up 201.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.25 EPS. As a group, research analysts forecast that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current fiscal year.

Credo Technology Group 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.