Hillsdale Investment Management Inc. Grows Position in Credo Technology Group Holding Ltd. $CRDO

Hillsdale Investment Management Inc. boosted its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 6.7% during the 1st quarter, Holdings Channel reports. The fund owned 43,020 shares of the company’s stock after acquiring an additional 2,710 shares during the quarter. Hillsdale Investment Management Inc.’s holdings in Credo Technology Group were worth $4,038,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. increased its position in shares of Credo Technology Group by 16.2% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock valued at $80,000 after purchasing an additional 77 shares during the last quarter. QRG Capital Management Inc. grew its stake in shares of Credo Technology Group by 1.7% during the first quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock worth $507,000 after purchasing an additional 91 shares in the last quarter. Mark Sheptoff Financial Planning LLC increased its holdings in Credo Technology Group by 2.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 5,150 shares of the company’s stock valued at $741,000 after buying an additional 100 shares during the last quarter. Spirepoint Private Client LLC raised its stake in Credo Technology Group by 6.6% in the fourth quarter. Spirepoint Private Client LLC now owns 1,688 shares of the company’s stock valued at $243,000 after buying an additional 105 shares in the last quarter. Finally, Crewe Advisors LLC lifted its holdings 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 buying an additional 106 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of recent analyst reports. Mizuho increased their price objective on Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a report on Tuesday, June 2nd. Rosenblatt Securities increased their price target on shares of Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Evercore started coverage on shares of Credo Technology Group in a research report on Monday, June 22nd. They set an “outperform” rating and a $325.00 price objective for the company. Susquehanna upped their target price on shares of Credo Technology Group from $200.00 to $235.00 and gave the company a “positive” rating in a 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. Two investment 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. Based on data from MarketBeat, Credo Technology Group currently has a consensus rating of “Buy” and a consensus target price of $263.11.

Credo Technology Group Trading Down 4.0%

Shares of CRDO opened at $226.74 on Thursday. The firm has a market cap of $42.28 billion, a PE ratio of 91.43, a price-to-earnings-growth ratio of 1.08 and a beta of 3.20. The company’s 50 day simple moving average is $231.43 and its 200-day simple moving average is $166.44. 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 released its quarterly earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same quarter in the prior year, the firm earned $0.20 EPS. Credo Technology Group’s revenue for the quarter was up 157.0% on a year-over-year basis. As a group, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, Director Fariba Danesh sold 1,100 shares of Credo Technology Group 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 in the company, valued at approximately $1,658,397.78. This trade represents a 13.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 3,790 shares of the business’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $258.71, for a total value of $980,510.90. Following the completion of the transaction, the chief technology officer directly owned 140,358 shares in the company, valued at approximately $36,312,018.18. The trade was a 2.63% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 329,662 shares of company stock worth $76,068,196 over the last three months. 11.84% of the stock is currently owned by corporate insiders.

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.