Emerald Advisers LLC Grows Position in Credo Technology Group Holding Ltd. $CRDO

Emerald Advisers LLC raised its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 0.5% in the first quarter, Holdings Channel.com reports. The fund owned 498,574 shares of the company’s stock after buying an additional 2,435 shares during the quarter. Credo Technology Group makes up 1.5% of Emerald Advisers LLC’s investment portfolio, making the stock its 11th largest position. Emerald Advisers LLC’s holdings in Credo Technology Group were worth $46,801,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in shares of Credo Technology Group by 15.2% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 5,744 shares of the company’s stock worth $539,000 after purchasing an additional 757 shares during the period. Triglav Investments D.O.O. acquired a new stake in shares of Credo Technology Group in the first quarter valued at about $188,000. J. Safra Sarasin Holding AG purchased a new stake in Credo Technology Group during the first quarter worth about $645,000. Diversify Wealth Management LLC boosted its holdings in Credo Technology Group by 1,240.0% during the first quarter. Diversify Wealth Management LLC now owns 46,150 shares of the company’s stock worth $4,332,000 after buying an additional 42,706 shares in the last quarter. Finally, Candriam S.C.A. grew its position in Credo Technology Group by 28.8% during the first quarter. Candriam S.C.A. now owns 389,106 shares of the company’s stock worth $36,525,000 after buying an additional 87,119 shares during the period. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Rothschild & Co Redburn started coverage on shares of Credo Technology Group in a report on Friday, May 1st. They issued a “buy” rating and a $206.00 target price for the company. Zacks Research upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. Bank of America raised their price objective on Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. TD Cowen lifted their price objective on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Finally, Needham & Company LLC boosted their target price on Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Two investment 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 stock. According to MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and an average price target of $263.11.

Insiders Place Their Bets

In other news, CFO Daniel W. Fleming sold 40,000 shares of the company’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total value of $9,979,200.00. Following the sale, the chief financial officer directly owned 501,873 shares in the company, valued at $125,207,276.04. This represents a 7.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $246.69, for a total value of $6,783,975.00. Following the sale, the chief technology officer directly owned 5,964,870 shares in the company, valued at approximately $1,471,473,780.30. The trade was a 0.46% 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 sold 367,162 shares of company stock valued at $82,045,746. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $236.88 on Tuesday. The firm’s 50-day moving average is $230.01 and its two-hundred day moving average is $165.29. The company has a market capitalization of $44.17 billion, a PE ratio of 95.52, a price-to-earnings-growth ratio of 1.18 and a beta of 3.20. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping 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 32.30%. The business had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. During the same period last year, the company posted $0.20 EPS. The company’s revenue was up 157.0% on a year-over-year basis. On average, analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

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.