Williamson Legacy Group LLC Takes Position in Credo Technology Group Holding Ltd. $CRDO

Williamson Legacy Group LLC bought a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 11,031 shares of the company’s stock, valued at approximately $1,587,000. Credo Technology Group accounts for approximately 1.2% of Williamson Legacy Group LLC’s investment portfolio, making the stock its 29th largest holding.

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

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, insider James Laufman sold 10,000 shares of the business’s stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $164.41, for a total transaction of $1,644,100.00. Following the sale, the insider directly owned 198,609 shares in the company, valued at approximately $32,653,305.69. The trade was a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel W. Fleming sold 7,580 shares of the business’s stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $152.63, for a total value of $1,156,935.40. Following 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 386,608 shares of company stock valued at $50,371,351 in the last three months. 11.84% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CRDO. Zacks Research upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. Rothschild & Co Redburn began coverage on Credo Technology Group in a research note on Friday, May 1st. They issued a “buy” rating and a $206.00 price target on the stock. Craig Hallum restated a “buy” rating and issued a $200.00 price target on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Stifel Nicolaus set a $200.00 price target on Credo Technology Group in a research note on Tuesday, March 3rd. Finally, Mizuho decreased their price target on Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $207.71.

Credo Technology Group Stock Performance

CRDO opened at $221.64 on Wednesday. The business’s fifty day moving average is $151.03 and its two-hundred day moving average is $143.51. The company has a market cap of $40.88 billion, a price-to-earnings ratio of 123.13 and a beta of 3.17. Credo Technology Group Holding Ltd. has a one year low of $59.21 and a one year high of $233.70.

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

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.