Estate Counselors LLC Makes New $2.55 Million Investment in Credo Technology Group Holding Ltd. $CRDO

Estate Counselors LLC purchased a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 17,500 shares of the company’s stock, valued at approximately $2,548,000.

Other large investors also recently made changes to their positions in the company. Y Intercept Hong Kong Ltd raised its stake in shares of Credo Technology Group by 351.2% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 19,572 shares of the company’s stock valued at $2,850,000 after acquiring an additional 15,234 shares in the last quarter. Drive Wealth Management LLC acquired a new position in Credo Technology Group during the third quarter valued at approximately $231,000. Envestnet Portfolio Solutions Inc. bought a new position in shares of Credo Technology Group in the third quarter valued at approximately $202,000. Huntleigh Advisors Inc. acquired a new stake in shares of Credo Technology Group in the third quarter worth $299,000. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Credo Technology Group by 2.2% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 77,061 shares of the company’s stock worth $10,573,000 after buying an additional 1,642 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

CRDO opened at $133.16 on Monday. The company has a market capitalization of $24.05 billion, a P/E ratio of 116.81 and a beta of 2.66. The firm’s fifty day moving average price is $151.57 and its two-hundred day moving average price is $141.11. Credo Technology Group Holding Ltd. has a fifty-two week low of $29.09 and a fifty-two week high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating 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 company had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. During the same quarter in the prior year, the company posted $0.07 EPS. The business’s revenue was up 272.1% on a year-over-year basis. On average, equities research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 9,476 shares of the company’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $139.54, for a total value of $1,322,281.04. Following the sale, the chief executive officer directly owned 270,641 shares in the company, valued at $37,765,245.14. This represents a 3.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Sylvia Acevedo sold 2,200 shares of Credo Technology Group stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $159.18, for a total value of $350,196.00. Following the transaction, the director directly owned 18,545 shares of the company’s stock, valued at approximately $2,951,993.10. The trade was a 10.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 940,476 shares of company stock valued at $145,591,863. Corporate insiders own 11.84% of the company’s stock.

Analysts Set New Price Targets

CRDO has been the topic of a number of research analyst reports. JPMorgan Chase & Co. initiated coverage on shares of Credo Technology Group in a research note on Friday, October 17th. They issued an “overweight” rating and a $165.00 target price on the stock. KGI Securities upgraded Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price objective on the stock in a research note on Tuesday, December 2nd. Mizuho boosted their price objective on Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 2nd. Needham & Company LLC increased their target price on Credo Technology Group from $190.00 to $220.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. Finally, Rosenblatt Securities initiated coverage on Credo Technology Group in a research report on Wednesday, January 21st. They issued a “neutral” rating and a $170.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $216.54.

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.