Credo Technology Group Holding Ltd. $CRDO Shares Acquired by Integrated Wealth Concepts LLC

Integrated Wealth Concepts LLC increased its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 68.5% during the second quarter, HoldingsChannel reports. The institutional investor owned 15,962 shares of the company’s stock after acquiring an additional 6,489 shares during the period. Integrated Wealth Concepts LLC’s holdings in Credo Technology Group were worth $4,341,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. California State Teachers Retirement System raised its position in shares of 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 purchasing an additional 5,113 shares during the last quarter. TimesSquare Capital Management LLC boosted its holdings in Credo Technology Group by 5.5% in the 4th quarter. TimesSquare Capital Management LLC now owns 264,181 shares of the company’s stock worth $38,013,000 after buying an additional 13,881 shares during the last quarter. Corsair Capital Management L.P. acquired a new stake in Credo Technology Group in the 1st quarter worth about $469,000. Lazard Asset Management LLC increased its stake in Credo Technology Group by 55.6% during the 1st quarter. Lazard Asset Management LLC now owns 67,051 shares of the company’s stock worth $6,294,000 after buying an additional 23,949 shares in the last quarter. Finally, Quantinno Capital Management LP increased its stake in Credo Technology Group by 68.4% during the 1st quarter. Quantinno Capital Management LP now owns 34,124 shares of the company’s stock worth $3,203,000 after buying an additional 13,859 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Buying and Selling at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 7,580 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total value of $1,863,770.40. Following the transaction, the chief financial officer directly owned 504,708 shares in the company, valued at approximately $124,097,603.04. This represents a 1.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of the stock in a transaction that occurred on Tuesday, July 7th. The stock was 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 $1,429,768,852.20. The trade was a 0.47% decrease in their ownership of the stock. 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 313,074 shares of company stock worth $71,827,816 in the last ninety days. 9.06% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Rosenblatt Securities raised their target price on Credo Technology Group from $215.00 to $235.00 and gave the company a “neutral” rating in a research report on Wednesday, September 2nd. Jefferies Financial Group boosted their price target on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. reduced their price objective on Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating for the company in a research note on Wednesday, September 2nd. Stifel Nicolaus raised their price objective on Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a report on Monday, June 22nd. Finally, Zacks Research cut shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus price target of $267.39.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $162.95 on Friday. The stock’s fifty day moving average is $221.67 and its two-hundred day moving average is $190.41. The firm has a market capitalization of $30.63 billion, a P/E ratio of 57.99, a price-to-earnings-growth ratio of 0.65 and a beta of 3.22. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, topping the consensus estimate of $1.17 by $0.03. The business had revenue of $479.00 million for the quarter, compared to analyst estimates of $473.30 million. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%.The company’s quarterly revenue was up 114.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.52 EPS. As a group, sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current year.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.

The company’s portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.