Donoghue Forlines LLC Buys New Shares in Credo Technology Group Holding Ltd. $CRDO

Donoghue Forlines LLC bought a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 13,244 shares of the company’s stock, valued at approximately $1,928,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Aviance Capital Partners LLC grew its position in shares of Credo Technology Group by 32.8% during the 3rd quarter. Aviance Capital Partners LLC now owns 8,000 shares of the company’s stock worth $1,165,000 after buying an additional 1,976 shares during the period. Sequoia Financial Advisors LLC boosted its stake in Credo Technology Group by 15.7% during the third quarter. Sequoia Financial Advisors LLC now owns 2,696 shares of the company’s stock worth $393,000 after acquiring an additional 366 shares in the last quarter. QRG Capital Management Inc. grew its holdings in Credo Technology Group by 14.6% in the third quarter. QRG Capital Management Inc. now owns 4,857 shares of the company’s stock worth $707,000 after purchasing an additional 617 shares during the period. Sterling Investment Advisors Ltd. bought a new stake in Credo Technology Group in the third quarter valued at $204,000. Finally, Stephens Investment Management Group LLC raised its holdings in shares of Credo Technology Group by 78.4% during the third quarter. Stephens Investment Management Group LLC now owns 178,363 shares of the company’s stock valued at $25,971,000 after purchasing an additional 78,410 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRDO has been the subject of a number of research analyst reports. KGI Securities raised Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 target price for the company in a research report on Tuesday, December 2nd. Stifel Nicolaus set a $160.00 price objective on Credo Technology Group in a report on Wednesday, October 1st. TD Cowen upped their target price on Credo Technology Group from $190.00 to $240.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Cowen reissued a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Finally, Wolfe Research set a $240.00 price objective on shares of Credo Technology Group in a report on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Credo Technology Group has an average rating of “Buy” and an average target price of $220.42.

Credo Technology Group Trading Up 1.2%

Shares of NASDAQ:CRDO opened at $150.97 on Friday. The stock has a market cap of $27.27 billion, a PE ratio of 132.43 and a beta of 2.66. The stock’s fifty day simple moving average is $152.88 and its two-hundred day simple moving average is $139.06. Credo Technology Group Holding Ltd. has a 1-year low of $29.09 and a 1-year high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $268.03 million during the quarter, compared to analyst estimates of $234.99 million. During the same quarter in the prior year, the business posted $0.07 EPS. The business’s revenue was up 272.1% compared to the same quarter last year. On average, sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $171.23, for a total transaction of $8,561,500.00. Following the sale, the chief executive officer directly owned 1,942,502 shares in the company, valued at approximately $332,614,617.46. This trade represents a 2.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Yat Tung Lam sold 370,000 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $153.19, for a total value of $56,680,300.00. Following the completion of the transaction, the chief operating officer owned 400,000 shares of the company’s stock, valued at $61,276,000. This trade represents a 48.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,090,476 shares of company stock valued at $167,418,363 in the last 90 days. 11.84% of the stock is currently owned by corporate insiders.

About Credo Technology Group

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.