Delta Global Management LP Increases Position in Credo Technology Group Holding Ltd. $CRDO

Delta Global Management LP increased its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 83.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,125 shares of the company’s stock after purchasing an additional 12,760 shares during the period. Delta Global Management LP’s holdings in Credo Technology Group were worth $2,640,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of CRDO. Mirae Asset Global Investments Co. Ltd. raised its stake in Credo Technology Group by 9.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock valued at $39,004,000 after purchasing an additional 23,332 shares during the period. FengHe Fund Management Pte. Ltd. lifted its holdings in Credo Technology Group by 5.7% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock worth $23,349,000 after purchasing an additional 8,769 shares in the last quarter. M&T Bank Corp boosted its stake in Credo Technology Group by 428.8% in the 4th quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock worth $1,932,000 after purchasing an additional 10,888 shares during the period. Nordea Investment Management AB purchased a new stake in Credo Technology Group during the 4th quarter valued at approximately $2,084,000. Finally, Teacher Retirement System of Texas grew its holdings in Credo Technology Group by 486.2% during the 4th quarter. Teacher Retirement System of Texas now owns 239,721 shares of the company’s stock valued at $34,493,000 after buying an additional 198,826 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Needham & Company LLC lifted their price objective on shares of Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Bank of America upped their target price on shares of Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Susquehanna lifted their price target on shares of Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a report on Tuesday. Rosenblatt Securities boosted their price target on shares of Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a research note 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. Two equities research 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. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $266.17.

Insiders Place Their Bets

In related news, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $243.06, for a total value of $6,684,150.00. Following the completion of the transaction, the chief technology officer owned 5,882,370 shares of the company’s stock, valued at approximately $1,429,768,852.20. This trade represents a 0.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 54,984 shares of the stock in a transaction dated Friday, June 5th. The shares were 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 approximately $80,286,662.39. The trade was a 13.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 302,162 shares of company stock valued at $70,897,646 in the last three months. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $213.15 on Friday. The company has a market cap of $39.75 billion, a price-to-earnings ratio of 85.95, a PEG ratio of 0.97 and a beta of 3.20. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67. The stock’s 50 day simple moving average is $235.28 and its two-hundred day simple moving average is $169.88.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The firm had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same period in the prior year, the company earned $0.20 EPS. The company’s quarterly revenue was up 157.0% compared to the same quarter last year. As a group, analysts anticipate 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.