16,800 Shares in Credo Technology Group Holding Ltd. $CRDO Acquired by Franchise Capital Ltd

Franchise Capital Ltd bought a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund bought 16,800 shares of the company’s stock, valued at approximately $2,446,000. Credo Technology Group comprises about 1.1% of Franchise Capital Ltd’s portfolio, making the stock its 10th biggest holding.

Several other large investors have also recently modified their holdings of CRDO. Vanguard Group Inc. grew its stake in shares of Credo Technology Group by 2.7% in the second quarter. Vanguard Group Inc. now owns 16,375,368 shares of the company’s stock worth $1,516,195,000 after purchasing an additional 430,445 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Credo Technology Group by 36.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock worth $602,662,000 after buying an additional 1,739,844 shares during the period. Geode Capital Management LLC lifted its holdings in Credo Technology Group by 4.7% during the 2nd quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock worth $334,740,000 after buying an additional 163,305 shares during the period. Alliancebernstein L.P. increased its stake in shares of Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after buying an additional 1,218,504 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in shares of Credo Technology Group by 63.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after buying an additional 589,151 shares during the period. Institutional investors own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on CRDO shares. Wolfe Research set a $240.00 target price on Credo Technology Group in a report on Tuesday, December 2nd. Barclays reaffirmed an “overweight” rating and issued a $260.00 price objective on shares of Credo Technology Group in a research note on Thursday. New Street Research set a $240.00 price objective on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Cowen restated a “buy” rating on shares of Credo Technology Group in a report on Tuesday, December 2nd. Finally, Bank of America upped their price target on shares of Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $220.42.

Insider Buying and Selling

In other news, COO Yat Tung Lam sold 370,000 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the transaction, the chief operating officer directly owned 400,000 shares of the company’s stock, valued at $61,276,000. This represents a 48.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William Joseph Brennan sold 50,000 shares of the stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $171.23, for a total value of $8,561,500.00. Following the completion of the transaction, the chief executive officer owned 1,942,502 shares in the company, valued at approximately $332,614,617.46. This represents a 2.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 1,090,476 shares of company stock valued at $167,418,363. 11.84% of the stock is owned by company insiders.

Credo Technology Group Stock Down 4.9%

Credo Technology Group stock opened at $149.12 on Friday. The company has a market capitalization of $26.94 billion, a PE ratio of 130.81 and a beta of 2.66. Credo Technology Group Holding Ltd. has a 12-month low of $29.09 and a 12-month high of $213.80. The firm’s fifty day moving average is $153.14 and its 200 day moving average is $138.29.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The business had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. During the same period last year, the company posted $0.07 earnings per share. The business’s quarterly revenue was up 272.1% on a year-over-year basis. Sell-side analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal 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.