Inceptionr LLC Takes $382,000 Position in Credo Technology Group Holding Ltd. $CRDO

Inceptionr LLC purchased a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the 1st quarter, HoldingsChannel reports. The institutional investor purchased 4,073 shares of the company’s stock, valued at approximately $382,000.

A number of other large investors have also added to or reduced their stakes in the stock. Crewe Advisors LLC increased its stake in Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after acquiring an additional 106 shares during the period. Reflection Asset Management bought a new stake in shares of Credo Technology Group during the 4th quarter valued at $25,000. Acumen Wealth Advisors LLC bought a new stake in shares of Credo Technology Group during the 4th quarter valued at $25,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Credo Technology Group during the 4th quarter worth $32,000. Finally, AlphaCentric Advisors LLC acquired a new stake in shares of Credo Technology Group during the 1st quarter worth $33,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total value of $9,979,200.00. Following the sale, the chief financial officer owned 501,873 shares in the company, valued at $125,207,276.04. This trade represents a 7.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $243.06, for a total transaction of $6,684,150.00. Following the sale, the chief technology officer directly owned 5,882,370 shares in the company, valued at approximately $1,429,768,852.20. The trade was a 0.47% 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. Insiders sold a total of 274,662 shares of company stock valued at $65,966,071 in the last quarter. Insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $213.15 on Monday. 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 12 month low of $86.49 and a 12 month high of $308.67. The stock has a 50-day moving average price of $235.28 and a two-hundred day moving average price of $170.09.

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

Analyst Ratings Changes

A number of brokerages recently commented on CRDO. Rosenblatt Securities raised their price target on Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. Barclays increased 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 note on Monday, July 20th. Jefferies Financial Group boosted their target price on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Finally, Stifel Nicolaus upped their price target on shares of Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a report on Monday, June 22nd. Two research analysts have 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 data from MarketBeat, Credo Technology Group has an average rating of “Buy” and a consensus price target of $266.17.

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.