Steel Grove Capital Advisors LLC Purchases Shares of 2,574 Credo Technology Group Holding Ltd. $CRDO

Steel Grove Capital Advisors LLC bought a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 2,574 shares of the company’s stock, valued at approximately $370,000.

A number of other institutional investors have also modified their holdings of the company. Savant Capital LLC grew its holdings in shares of Credo Technology Group by 0.7% during the 3rd quarter. Savant Capital LLC now owns 9,914 shares of the company’s stock worth $1,444,000 after purchasing an additional 68 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Credo Technology Group by 16.2% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock worth $80,000 after purchasing an additional 77 shares during the period. Illinois Municipal Retirement Fund grew its holdings in shares of Credo Technology Group by 0.6% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company’s stock worth $2,298,000 after purchasing an additional 91 shares during the period. Spirepoint Private Client LLC grew its holdings in shares of Credo Technology Group by 6.6% during the 4th quarter. Spirepoint Private Client LLC now owns 1,688 shares of the company’s stock worth $243,000 after purchasing an additional 105 shares during the period. Finally, Crewe Advisors LLC grew its holdings in shares of Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after purchasing an additional 106 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Down 0.2%

Shares of CRDO opened at $221.23 on Thursday. The business’s 50 day moving average is $153.11 and its two-hundred day moving average is $143.93. Credo Technology Group Holding Ltd. has a 52-week low of $59.21 and a 52-week high of $233.70. The firm has a market cap of $40.81 billion, a price-to-earnings ratio of 122.91 and a beta of 3.17.

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Rothschild & Co Redburn assumed coverage on Credo Technology Group in a report on Friday, May 1st. They set a “buy” rating and a $206.00 target price for the company. Roth Mkm decreased their target price on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, February 10th. Zacks Research upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. Stifel Nicolaus set a $250.00 target price on Credo Technology Group in a report on Wednesday. Finally, Mizuho reduced their price target 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. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $210.65.

Insider Buying and Selling

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