Avantax Advisory Services Inc. Increases Stock Position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Avantax Advisory Services Inc. grew its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 90.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,345 shares of the company’s stock after purchasing an additional 4,905 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Credo Technology Group were worth $415,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. LPL Financial LLC raised its holdings in Credo Technology Group by 37.5% during the fourth quarter. LPL Financial LLC now owns 48,936 shares of the company’s stock worth $3,289,000 after purchasing an additional 13,341 shares in the last quarter. Prudential Financial Inc. increased its holdings in shares of Credo Technology Group by 6.0% in the 4th quarter. Prudential Financial Inc. now owns 9,843 shares of the company’s stock valued at $662,000 after acquiring an additional 560 shares during the period. CIBC Private Wealth Group LLC increased its holdings in shares of Credo Technology Group by 51.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock valued at $75,000 after acquiring an additional 348 shares during the period. O Shaughnessy Asset Management LLC acquired a new position in shares of Credo Technology Group in the 4th quarter valued at $446,000. Finally, Wells Fargo & Company MN increased its holdings in shares of Credo Technology Group by 176.2% in the 4th quarter. Wells Fargo & Company MN now owns 133,237 shares of the company’s stock valued at $8,955,000 after acquiring an additional 85,006 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insiders Place Their Bets

In other news, CEO William Joseph Brennan sold 150,000 shares of the firm’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $106.87, for a total value of $16,030,500.00. Following the completion of the sale, the chief executive officer directly owned 2,061,978 shares in the company, valued at approximately $220,363,588.86. This trade represents a 6.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CTO Chi Fung Cheng sold 59,641 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief technology officer owned 7,603,961 shares in the company, valued at approximately $569,992,916.56. This represents a 0.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,274,583 shares of company stock worth $113,118,257 over the last three months. 16.04% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CRDO shares. Susquehanna upped their price target on shares of Credo Technology Group from $90.00 to $115.00 and gave the stock a “positive” rating in a research note on Tuesday, July 22nd. Wall Street Zen lowered shares of Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, July 12th. Roth Capital set a $95.00 target price on shares of Credo Technology Group and gave the stock a “buy” rating in a research report on Friday, June 13th. Barclays set a $85.00 price objective on shares of Credo Technology Group and gave the company an “overweight” rating in a research report on Tuesday, June 3rd. Finally, Needham & Company LLC increased their target price on Credo Technology Group from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, June 3rd. One equities research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Credo Technology Group currently has an average rating of “Buy” and an average price target of $87.91.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $117.34 on Thursday. The stock has a market cap of $20.14 billion, a price-to-earnings ratio of 434.59, a PEG ratio of 1.98 and a beta of 2.59. The business has a 50 day simple moving average of $90.55 and a 200 day simple moving average of $66.68. Credo Technology Group Holding Ltd. has a 52 week low of $24.08 and a 52 week high of $118.95.

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

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.