Hennion & Walsh Asset Management Inc. Has $2.56 Million Position in Credo Technology Group Holding Ltd. $CRDO

Hennion & Walsh Asset Management Inc. increased its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 47.2% during the 2nd quarter, Holdings Channel.com reports. The fund owned 9,396 shares of the company’s stock after acquiring an additional 3,012 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Credo Technology Group were worth $2,555,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of CRDO. Acumen Wealth Advisors LLC bought a new stake in shares of Credo Technology Group in the 4th quarter worth about $25,000. Reflection Asset Management acquired a new stake in shares of Credo Technology Group in the fourth quarter valued at approximately $25,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Credo Technology Group in the 4th quarter valued at $32,000. AlphaCentric Advisors LLC bought a new stake in Credo Technology Group during the 1st quarter worth about $33,000. Finally, Smallwood Wealth Investment Management LLC bought a new stake in shares of Credo Technology Group during the fourth quarter worth approximately $36,000. 80.46% of the stock is currently owned by institutional investors.

Insider Transactions at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the sale, the chief financial officer owned 504,708 shares in the company, valued at approximately $124,097,603.04. This trade represents a 1.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Tung Lam sold 55,441 shares of the firm’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $213.02, for a total value of $11,810,041.82. Following the completion of the sale, the chief operating officer directly owned 2,529,169 shares in the company, valued at approximately $538,763,580.38. This represents a 2.15% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 435,076 shares of company stock valued at $101,043,506. Company insiders own 11.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Rothschild & Co Redburn started coverage on Credo Technology Group in a report on Friday, May 1st. They issued a “buy” rating and a $206.00 price objective for the company. JPMorgan Chase & Co. increased their target price on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a report on Tuesday, June 2nd. Barclays boosted their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. Mizuho increased their price target on Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research report on Tuesday, June 2nd. Finally, Weiss Ratings upgraded shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Credo Technology Group currently has an average rating of “Moderate Buy” and an average target price of $266.17.

Credo Technology Group Stock Down 4.0%

NASDAQ CRDO opened at $239.93 on Tuesday. The company has a market capitalization of $44.74 billion, a P/E ratio of 96.75, a P/E/G ratio of 1.14 and a beta of 3.23. The firm has a 50-day moving average price of $237.71 and a two-hundred day moving average price of $175.32. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67.

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

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.