Spyglass Capital Management LLC Has $55.57 Million Position in Credo Technology Group Holding Ltd. $CRDO

Spyglass Capital Management LLC increased its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 52.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 591,990 shares of the company’s stock after acquiring an additional 203,130 shares during the quarter. Credo Technology Group makes up about 3.9% of Spyglass Capital Management LLC’s portfolio, making the stock its 13th largest position. Spyglass Capital Management LLC owned approximately 0.32% of Credo Technology Group worth $55,570,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also bought and sold shares of the company. NewEdge Advisors LLC raised its holdings in shares of Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after purchasing an additional 3,972 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Credo Technology Group by 63.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after buying an additional 589,151 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Credo Technology Group by 2.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock valued at $12,480,000 after buying an additional 7,107 shares in the last quarter. CW Advisors LLC acquired a new position in Credo Technology Group during the 2nd quarter worth approximately $288,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in Credo Technology Group by 198.2% in the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after acquiring an additional 333 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 40,000 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the completion of the transaction, the chief financial officer directly owned 501,873 shares of the company’s stock, valued at $125,207,276.04. This represents a 7.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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, CEO William Joseph Brennan sold 54,984 shares of Credo Technology Group stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the completion of the sale, the chief executive officer directly owned 367,327 shares in the company, valued at $80,286,662.39. This trade represents a 13.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 302,162 shares of company stock worth $72,080,421 over the last three months. 11.84% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CRDO. Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. Mizuho lifted their price target on shares of Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research report on Tuesday, June 2nd. Jefferies Financial Group upped their price objective on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Susquehanna raised their price objective on shares of Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $250.00 target price on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Two research 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. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $266.17.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $192.28 on Wednesday. The business’s fifty day moving average is $236.79 and its 200-day moving average is $170.98. The stock has a market capitalization of $35.86 billion, a price-to-earnings ratio of 77.53, a PEG ratio of 0.95 and a beta of 3.20. Credo Technology Group Holding Ltd. has a one year low of $86.49 and a one year high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly 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. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. During the same quarter in the prior year, the business earned $0.20 earnings per share. The firm’s revenue for the quarter was up 157.0% on a year-over-year basis. Research analysts expect that Credo Technology Group Holding Ltd. will post 4.84 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.