WINTON GROUP Ltd Makes New Investment in Credo Technology Group Holding Ltd. $CRDO

WINTON GROUP Ltd bought a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 17,734 shares of the company’s stock, valued at approximately $2,552,000.

A number of other large investors have also added to or reduced their stakes in CRDO. NewEdge Advisors LLC raised its holdings in Credo Technology Group by 128.4% in the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after purchasing an additional 3,972 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Credo Technology Group by 63.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after purchasing an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Credo Technology Group by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after purchasing an additional 7,107 shares in the last quarter. CW Advisors LLC bought a new position in Credo Technology Group in the second quarter worth about $288,000. Finally, EverSource Wealth Advisors LLC raised 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 purchasing an additional 333 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $206.89 on Monday. Credo Technology Group Holding Ltd. has a 1 year low of $66.75 and a 1 year high of $245.95. The firm has a market capitalization of $38.16 billion, a price-to-earnings ratio of 83.42, a price-to-earnings-growth ratio of 1.34 and a beta of 3.22. The business’s 50 day moving average price is $169.65 and its 200-day moving average price is $147.21.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a return on equity of 36.99% and a net margin of 35.37%.The firm had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. During the same quarter last year, the firm posted $0.20 EPS. The business’s revenue was up 157.0% on a year-over-year basis. On average, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 3.93 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on CRDO. Needham & Company LLC boosted their target price on shares of Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Stifel Nicolaus set a $250.00 price objective on shares of Credo Technology Group in a report on Wednesday, May 27th. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. Mizuho upped their price objective on shares of Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a report on Tuesday, June 2nd. Finally, TD Cowen upped their price objective on shares of Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $248.41.

Insiders Place Their Bets

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $5,884,000.00. Following the transaction, the chief executive officer owned 1,782,502 shares in the company, valued at approximately $209,764,835.36. This trade represents a 2.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total value of $3,234,000.00. Following the completion of the transaction, the chief technology officer owned 6,272,370 shares in the company, valued at $737,630,712. The trade was a 0.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 386,608 shares of company stock worth $50,371,351 in the last 90 days. 11.84% of the stock is currently owned by insiders.

Credo Technology Group 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.