Oppenheimer Asset Management Inc. Invests $1.63 Million in Credo Technology Group Holding Ltd. $CRDO

Oppenheimer Asset Management Inc. purchased a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the third quarter, HoldingsChannel reports. The firm purchased 11,161 shares of the company’s stock, valued at approximately $1,625,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. California Public Employees Retirement System lifted its position in Credo Technology Group by 17.2% during the second quarter. California Public Employees Retirement System now owns 257,567 shares of the company’s stock worth $23,848,000 after acquiring an additional 37,772 shares during the last quarter. Optimize Financial Inc bought a new position in shares of Credo Technology Group during the third quarter worth approximately $1,431,000. Estate Counselors LLC acquired a new stake in Credo Technology Group during the 3rd quarter worth approximately $2,548,000. Global Trust Asset Management LLC bought a new stake in Credo Technology Group in the 3rd quarter valued at $2,167,000. Finally, New York State Common Retirement Fund grew its holdings in Credo Technology Group by 106.5% in the 3rd quarter. New York State Common Retirement Fund now owns 146,134 shares of the company’s stock valued at $21,279,000 after buying an additional 75,369 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Insider Activity

In related news, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $127.37, for a total transaction of $3,502,675.00. Following the completion of the sale, the chief technology officer directly owned 6,299,870 shares in the company, valued at $802,414,441.90. This represents a 0.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William Joseph Brennan sold 18,016 shares of the firm’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $127.69, for a total value of $2,300,463.04. Following the completion of the sale, the chief executive officer directly owned 252,625 shares in the company, valued at $32,257,686.25. This trade represents a 6.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 917,976 shares of company stock valued at $136,567,647. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Down 0.3%

CRDO stock opened at $121.44 on Friday. The company’s 50-day moving average price is $139.52 and its two-hundred day moving average price is $142.77. The firm has a market cap of $21.94 billion, a P/E ratio of 106.53 and a beta of 2.65. Credo Technology Group Holding Ltd. has a 12 month low of $29.09 and a 12 month high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. The company had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The firm’s quarterly revenue was up 272.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.07 EPS. Equities analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CRDO. Wolfe Research set a $240.00 target price on Credo Technology Group in a report on Tuesday, December 2nd. JPMorgan Chase & Co. began coverage on shares of Credo Technology Group in a research note on Friday, October 17th. They issued an “overweight” rating and a $165.00 price objective for the company. Zacks Research downgraded shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. New Street Research set a $240.00 target price on shares of Credo Technology Group in a report on Tuesday, December 2nd. Finally, Bank of America lifted their price target on shares of Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $212.69.

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.