2,751 Shares in Credo Technology Group Holding Ltd. $CRDO Acquired by Legacy Wealth Asset Management LLC

Legacy Wealth Asset Management LLC acquired a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 2,751 shares of the company’s stock, valued at approximately $748,000.

A number of other hedge funds have also recently added to or reduced their stakes in CRDO. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Credo Technology Group by 9.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock valued at $39,004,000 after buying an additional 23,332 shares during the period. FengHe Fund Management Pte. Ltd. boosted its position in Credo Technology Group by 5.7% during the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock worth $23,349,000 after buying an additional 8,769 shares during the period. M&T Bank Corp grew its holdings in Credo Technology Group by 428.8% during the 4th quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock worth $1,932,000 after acquiring an additional 10,888 shares during the last quarter. California State Teachers Retirement System grew its holdings in Credo Technology Group by 2.2% during the 1st quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock worth $22,612,000 after acquiring an additional 5,113 shares during the last quarter. Finally, Teacher Retirement System of Texas increased its position in Credo Technology Group by 486.2% in the 4th quarter. Teacher Retirement System of Texas now owns 239,721 shares of the company’s stock valued at $34,493,000 after acquiring an additional 198,826 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Buying and Selling

In other news, COO Yat Tung Lam sold 55,441 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the completion of the sale, the chief operating officer owned 2,529,169 shares of the company’s stock, valued at $538,763,580.38. This trade represents a 2.15% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of Credo Technology Group stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the completion of the sale, the chief financial officer owned 504,708 shares of the company’s stock, valued at $124,097,603.04. This represents a 1.48% 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 435,076 shares of company stock valued at $101,043,506 over the last 90 days. Company insiders own 11.84% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CRDO shares. Mizuho raised their price target on shares of Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research note on Tuesday, June 2nd. Bank of America boosted their price objective on shares of Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. TD Cowen increased their price objective on Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Wall Street Zen lowered Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Roth Capital lifted their target price on Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus price target of $266.17.

Credo Technology Group Stock Down 4.0%

CRDO stock opened at $239.93 on Tuesday. The firm has a market cap of $44.74 billion, a price-to-earnings ratio of 96.75, a PEG ratio of 1.14 and a beta of 3.23. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67. The company’s fifty day simple moving average is $237.71 and its 200 day simple moving average is $175.32.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping 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 last year, the business posted $0.20 EPS. The business’s revenue was up 157.0% compared to the same quarter last year. Research analysts expect that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

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.