Toth Financial Advisory Corp Makes New Investment in Credo Technology Group Holding Ltd. $CRDO

Toth Financial Advisory Corp bought a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,280 shares of the company’s stock, valued at approximately $1,164,000.

A number of other institutional investors have also recently made changes to their positions in the company. Nissay Asset Management Corp Japan increased its position in shares of Credo Technology Group by 36.4% during the second quarter. Nissay Asset Management Corp Japan now owns 86,583 shares of the company’s stock valued at $23,546,000 after acquiring an additional 23,124 shares in the last quarter. Navellier & Associates Inc. bought a new position in Credo Technology Group in the 2nd quarter valued at approximately $509,000. Hsbc Holdings PLC lifted its position in Credo Technology Group by 50.2% in the 2nd quarter. Hsbc Holdings PLC now owns 100,602 shares of the company’s stock valued at $27,321,000 after acquiring an additional 33,621 shares in the last quarter. Kingsview Wealth Management LLC bought a new position in Credo Technology Group in the 2nd quarter valued at approximately $1,471,000. Finally, Orion Capital Management LLC purchased a new stake in Credo Technology Group during the 2nd quarter valued at $27,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Trading Down 3.1%

Shares of CRDO opened at $232.75 on Friday. The firm has a fifty day simple moving average of $238.64 and a two-hundred day simple moving average of $186.88. The firm has a market cap of $43.74 billion, a PE ratio of 93.85, a P/E/G ratio of 1.10 and a beta of 3.23. Credo Technology Group Holding Ltd. has a 1-year low of $86.49 and a 1-year high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.02 by $0.14. The company had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.Credo Technology Group’s revenue was up 157.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.20 earnings per share. As a group, research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CRDO shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Credo Technology Group in a report on Friday, August 21st. Rosenblatt Securities reaffirmed a “neutral” rating and set a $215.00 price objective on shares of Credo Technology Group in a research report on Monday, August 24th. JPMorgan Chase & Co. lifted their price objective on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a report on Tuesday, June 2nd. Roth Capital boosted their target price on Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Finally, Stifel Nicolaus upped their target price on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $268.39.

Insider Transactions 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 value of $9,979,200.00. Following the transaction, the chief financial officer owned 501,873 shares in the company, valued at $125,207,276.04. This represents a 7.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 the firm’s 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 transaction, the chief executive officer directly owned 367,327 shares in the company, valued at approximately $80,286,662.39. The trade was a 13.02% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 435,076 shares of company stock valued at $101,043,506. Company insiders own 11.84% of the company’s stock.

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.