Credo Technology Group Holding Ltd. $CRDO is Estuary Capital Management LP’s Largest Position

Estuary Capital Management LP increased its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 87.4% in the 1st quarter, HoldingsChannel.com reports. The firm owned 412,227 shares of the company’s stock after buying an additional 192,218 shares during the quarter. Credo Technology Group comprises approximately 6.5% of Estuary Capital Management LP’s portfolio, making the stock its largest holding. Estuary Capital Management LP’s holdings in Credo Technology Group were worth $38,696,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Crewe Advisors LLC grew its stake in shares of Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after acquiring an additional 106 shares during the last quarter. Acumen Wealth Advisors LLC acquired a new position in Credo Technology Group during the 4th quarter valued at $25,000. Reflection Asset Management bought a new stake in Credo Technology Group in the 4th quarter valued at $25,000. Flagship Harbor Advisors LLC bought a new stake in Credo Technology Group in the 4th quarter valued at $32,000. Finally, AlphaCentric Advisors LLC acquired a new stake in Credo Technology Group in the 1st quarter worth $33,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Credo Technology Group

In related news, Director Fariba Danesh sold 1,100 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $236.34, for a total value of $259,974.00. Following the completion of the transaction, the director owned 7,017 shares in the company, valued at $1,658,397.78. This trade represents a 13.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 3,790 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $258.71, for a total value of $980,510.90. Following the completion of the transaction, the chief technology officer directly owned 140,358 shares in the company, valued at approximately $36,312,018.18. This represents a 2.63% 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. In the last ninety days, insiders sold 274,662 shares of company stock worth $65,966,071. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Trading Down 2.4%

Shares of CRDO opened at $208.14 on Tuesday. The stock’s 50-day moving average price is $236.32 and its two-hundred day moving average price is $170.62. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67. The stock has a market cap of $38.81 billion, a P/E ratio of 83.93, a price-to-earnings-growth ratio of 0.97 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.14. The business had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm’s revenue was up 157.0% on a year-over-year basis. During the same period last year, the business earned $0.20 earnings per share. As a group, equities analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently commented on CRDO. TD Cowen raised their target price on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Stifel Nicolaus raised their price objective on shares of Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a report on Monday, June 22nd. JPMorgan Chase & Co. lifted their target price on shares of Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a research report on Tuesday, June 2nd. Needham & Company LLC upped their target price on shares of Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Finally, Roth Capital increased their price target on shares of Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $266.17.

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.