Oppenheimer Asset Management Inc. Boosts Stock Position in Credo Technology Group Holding Ltd. $CRDO

Oppenheimer Asset Management Inc. raised its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 336.4% in the 4th quarter, Holdings Channel reports. The fund owned 48,712 shares of the company’s stock after acquiring an additional 37,551 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Credo Technology Group were worth $7,009,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CRDO. Bank of America Corp DE raised its stake in Credo Technology Group by 161.5% during the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after acquiring an additional 1,406,752 shares during the last quarter. Rafferty Asset Management LLC purchased a new stake in Credo Technology Group during the 3rd quarter valued at approximately $183,553,000. Alliancebernstein L.P. raised its stake in Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after acquiring an additional 1,218,504 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Credo Technology Group by 18.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock valued at $1,121,118,000 after acquiring an additional 1,190,522 shares during the last quarter. Finally, Marshall Wace LLP raised its stake in Credo Technology Group by 2,537.7% during the 3rd quarter. Marshall Wace LLP now owns 1,150,000 shares of the company’s stock valued at $167,452,000 after acquiring an additional 1,106,401 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the sale, the chief technology officer directly owned 6,272,370 shares of the company’s stock, valued at $737,630,712. This trade represents a 0.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the sale, the chief executive officer directly owned 1,782,502 shares in the company, valued at $209,764,835.36. This represents a 2.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 359,108 shares of company stock valued at $45,449,126 in the last three months. 11.84% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have commented on CRDO shares. Barclays reaffirmed an “overweight” rating and set a $260.00 price objective on shares of Credo Technology Group in a research note on Thursday, January 15th. Rothschild & Co Redburn started coverage on Credo Technology Group in a research note on Friday. They set a “buy” rating and a $206.00 price objective for the company. Craig Hallum reiterated a “buy” rating and set a $200.00 target price on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Roth Mkm dropped their target price on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Finally, Susquehanna dropped their target price on Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a research report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $207.71.

Credo Technology Group Stock Performance

CRDO stock opened at $184.38 on Friday. Credo Technology Group Holding Ltd. has a 1 year low of $45.65 and a 1 year high of $213.80. The stock’s 50 day moving average price is $125.98 and its 200 day moving average price is $139.42. The firm has a market cap of $34.01 billion, a P/E ratio of 102.43 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.29. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The firm had revenue of $407.01 million for the quarter, compared to analyst estimates of $385.94 million. During the same quarter in the prior year, the company earned $0.25 EPS. Credo Technology Group’s revenue was up 201.5% on a year-over-year basis. On average, research analysts predict that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

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.