Clearbridge Investments LLC Has $93.05 Million Stock Position in Credo Technology Group Holding Ltd. $CRDO

Clearbridge Investments LLC grew its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 24.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 646,639 shares of the company’s stock after buying an additional 126,423 shares during the period. Clearbridge Investments LLC’s holdings in Credo Technology Group were worth $93,045,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Atlantic Union Bankshares Corp acquired a new position in shares of Credo Technology Group in the 3rd quarter valued at $25,000. Crewe Advisors LLC lifted its stake in shares of Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 shares during the period. Flagship Harbor Advisors LLC acquired a new position in shares of Credo Technology Group in the 4th quarter valued at $32,000. Smallwood Wealth Investment Management LLC acquired a new position in shares of Credo Technology Group in the 4th quarter valued at $36,000. Finally, Smartleaf Asset Management LLC lifted its stake in shares of Credo Technology Group by 133.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock valued at $38,000 after purchasing an additional 147 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on CRDO shares. Needham & Company LLC increased their price target on Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Stifel Nicolaus set a $250.00 price target on Credo Technology Group in a research note on Wednesday, May 27th. Roth Mkm increased their price target on Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Jefferies Financial Group increased their price target on Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Finally, Mizuho increased their price target on Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research note on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $248.41.

Credo Technology Group Stock Up 7.4%

CRDO opened at $222.27 on Tuesday. Credo Technology Group Holding Ltd. has a 12 month low of $66.75 and a 12 month high of $245.95. The company has a fifty day simple moving average of $172.17 and a 200 day simple moving average of $147.79. The stock has a market cap of $41.00 billion, a P/E ratio of 89.63, a P/E/G ratio of 1.34 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 36.99%. The business had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. During the same quarter in the prior year, the company earned $0.20 EPS. The firm’s quarterly revenue was up 157.0% on a year-over-year basis. On average, equities research analysts expect that Credo Technology Group Holding Ltd. will post 3.93 earnings per share for the current fiscal year.

Insider Activity

In other Credo Technology Group news, insider James Laufman sold 10,000 shares of the stock in a transaction dated 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 completion of the transaction, the insider owned 198,609 shares in the company, valued at approximately $32,653,305.69. This represents a 4.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William Joseph Brennan sold 6,149 shares of the stock in a transaction dated Sunday, April 5th. The stock was sold at an average price of $101.45, for a total value of $623,816.05. Following the transaction, the chief executive officer owned 222,311 shares of the company’s stock, valued at approximately $22,553,450.95. This trade represents a 2.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 386,608 shares of company stock worth $50,371,351 in the last 90 days. Corporate insiders own 11.84% of the company’s stock.

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.