Credo Technology Group Holding Ltd. $CRDO Stake Boosted by Kestra Private Wealth Services LLC

Kestra Private Wealth Services LLC grew its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 38.8% during the 1st quarter, HoldingsChannel.com reports. The firm owned 22,745 shares of the company’s stock after acquiring an additional 6,355 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Credo Technology Group were worth $2,135,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of CRDO. Crewe Advisors LLC lifted its position in shares of Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after buying an additional 106 shares during the last quarter. Acumen Wealth Advisors LLC bought a new position in shares of Credo Technology Group during the 4th quarter worth about $25,000. Reflection Asset Management acquired a new position in Credo Technology Group in the 4th quarter valued at approximately $25,000. Flagship Harbor Advisors LLC bought a new position in Credo Technology Group in the fourth quarter worth $32,000. Finally, Smallwood Wealth Investment Management LLC acquired a new stake in shares of Credo Technology Group during the 4th quarter valued at about $36,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Up 0.2%

Shares of NASDAQ CRDO opened at $238.44 on Monday. Credo Technology Group Holding Ltd. has a twelve month low of $84.25 and a twelve month high of $308.67. The stock has a market cap of $44.47 billion, a price-to-earnings ratio of 96.15, a P/E/G ratio of 1.09 and a beta of 3.22. The company’s fifty day moving average is $213.03 and its 200-day moving average is $157.10.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. The company had revenue of $437.00 million for 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 last year, the firm posted $0.20 earnings per share. On average, research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have weighed in on the company. JPMorgan Chase & Co. upped their price target on Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a research report on Tuesday, June 2nd. Rothschild & Co Redburn started coverage on Credo Technology Group in a research note on Friday, May 1st. They issued a “buy” rating and a $206.00 target price for the company. Roth Mkm 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. Needham & Company LLC raised their price target on Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a report on Monday, June 1st. Finally, Susquehanna lifted their price objective on Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a research report on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $263.11.

Insider Buying and Selling

In other news, CEO William Joseph Brennan sold 54,984 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $80,286,662.39. This represents a 13.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Fariba Danesh sold 1,100 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $236.34, for a total value of $259,974.00. Following the transaction, the director directly owned 7,017 shares of the company’s stock, valued at approximately $1,658,397.78. This trade represents a 13.55% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 416,884 shares of company stock valued at $77,492,368. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Company 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.