Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Shares Purchased by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC boosted its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 27.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,721 shares of the company’s stock after acquiring an additional 1,467 shares during the period. Janney Montgomery Scott LLC’s holdings in Credo Technology Group were worth $270,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC acquired a new position in Credo Technology Group during the 1st quarter worth approximately $301,000. Handelsbanken Fonder AB lifted its stake in Credo Technology Group by 7.3% in the 1st quarter. Handelsbanken Fonder AB now owns 35,400 shares of the company’s stock valued at $1,422,000 after buying an additional 2,400 shares in the last quarter. GAMMA Investing LLC lifted its stake in Credo Technology Group by 103.5% in the 1st quarter. GAMMA Investing LLC now owns 1,982 shares of the company’s stock valued at $80,000 after buying an additional 1,008 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new stake in Credo Technology Group in the 1st quarter valued at approximately $1,759,000. Finally, Kraematon Investment Advisors Inc. purchased a new stake in Credo Technology Group in the 1st quarter valued at approximately $389,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 59,641 shares of Credo Technology Group stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $74.96, for a total value of $4,470,689.36. Following the transaction, the chief technology officer owned 7,603,961 shares in the company, valued at approximately $569,992,916.56. The trade was a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 171,473 shares of Credo Technology Group stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the completion of the transaction, the director owned 613,725 shares in the company, valued at approximately $47,809,177.50. This trade represents a 21.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,086,139 shares of company stock worth $75,820,113 in the last quarter. Company insiders own 16.04% of the company’s stock.

Credo Technology Group Stock Up 4.3%

Shares of NASDAQ CRDO opened at $93.18 on Friday. The firm’s 50-day moving average price is $68.57 and its two-hundred day moving average price is $61.71. Credo Technology Group Holding Ltd. has a 52-week low of $22.50 and a 52-week high of $95.71. The stock has a market capitalization of $15.99 billion, a P/E ratio of 345.09, a P/E/G ratio of 1.68 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The company had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. During the same quarter last year, the business earned $0.07 earnings per share. Credo Technology Group’s revenue was up 179.6% compared to the same quarter last year. As a group, equities research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Wall Street Analyst Weigh In

CRDO has been the subject of several analyst reports. Mizuho boosted their price target on Credo Technology Group from $81.00 to $98.00 and gave the company an “outperform” rating in a report on Thursday. Needham & Company LLC upped their price objective on Credo Technology Group from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Tuesday, June 3rd. Susquehanna restated a “positive” rating and set a $90.00 price objective (up from $60.00) on shares of Credo Technology Group in a report on Tuesday, June 3rd. Noble Financial raised shares of Credo Technology Group to a “strong-buy” rating in a research report on Tuesday, June 3rd. Finally, Cowen reissued a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Twelve equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $82.45.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.