Alta Wealth Advisors LLC Buys Shares of 12,834 Credo Technology Group Holding Ltd. $CRDO

Alta Wealth Advisors LLC bought a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 12,834 shares of the company’s stock, valued at approximately $1,869,000.

Several other large investors also recently modified their holdings of CRDO. First Horizon Corp purchased a new position in Credo Technology Group in the third quarter valued at approximately $26,000. Park Place Capital Corp purchased a new position in shares of Credo Technology Group during the 3rd quarter valued at $41,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in shares of Credo Technology Group during the 2nd quarter valued at $27,000. Midwest Capital Advisors LLC bought a new position in shares of Credo Technology Group during the 3rd quarter worth $45,000. Finally, Wolff Wiese Magana LLC increased its holdings in Credo Technology Group by 200.0% in the 2nd quarter. Wolff Wiese Magana LLC now owns 450 shares of the company’s stock worth $42,000 after acquiring an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insiders Place Their Bets

In related news, CTO Chi Fung Cheng sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $136.33, for a total value of $4,089,900.00. Following the transaction, the chief technology officer directly owned 6,327,370 shares in the company, valued at approximately $862,610,352.10. This represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William Joseph Brennan sold 9,476 shares of the firm’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $139.54, for a total transaction of $1,322,281.04. Following the completion of 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 SEC filing for this sale provides additional information. In the last quarter, insiders sold 970,476 shares of company stock worth $149,681,763. 11.84% of the stock is currently owned by insiders.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $128.02 on Tuesday. The company’s 50 day simple moving average is $151.21 and its two-hundred day simple moving average is $141.32. Credo Technology Group Holding Ltd. has a 1 year low of $29.09 and a 1 year high of $213.80. The stock has a market capitalization of $23.12 billion, a PE ratio of 112.30 and a beta of 2.66.

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

Analysts Set New Price Targets

Several equities research analysts have commented on CRDO shares. JPMorgan Chase & Co. initiated coverage on shares of Credo Technology Group in a report on Friday, October 17th. They set an “overweight” rating and a $165.00 price objective on the stock. Barclays restated an “overweight” rating and set a $260.00 price target on shares of Credo Technology Group in a research note on Thursday, January 15th. Needham & Company LLC lifted their price objective on shares of Credo Technology Group from $190.00 to $220.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, December 4th. Finally, Bank of America raised their price target on Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Credo Technology Group presently has a consensus rating of “Buy” and an average price target of $216.54.

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.