Credo Technology Group Holding Ltd. $CRDO Stock Holdings Increased by EFG Asset Management North America Corp.

EFG Asset Management North America Corp. grew its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 76.5% in the third quarter, according to its most recent filing with the SEC. The firm owned 21,976 shares of the company’s stock after acquiring an additional 9,527 shares during the quarter. EFG Asset Management North America Corp.’s holdings in Credo Technology Group were worth $3,200,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. NewEdge Advisors LLC lifted its holdings in Credo Technology Group by 128.4% in the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after purchasing an additional 3,972 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Credo Technology Group by 63.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after buying an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Credo Technology Group by 2.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after acquiring an additional 7,107 shares during the period. Park Avenue Securities LLC bought a new position in shares of Credo Technology Group in the second quarter valued at approximately $258,000. Finally, Ballentine Partners LLC acquired a new position in shares of Credo Technology Group during the second quarter valued at approximately $239,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Price Performance

CRDO stock opened at $129.57 on Wednesday. The firm has a market capitalization of $23.40 billion, a P/E ratio of 113.66 and a beta of 2.66. Credo Technology Group Holding Ltd. has a 52-week low of $29.09 and a 52-week high of $213.80. The company’s 50 day simple moving average is $151.01 and its 200-day simple moving average is $141.54.

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

Insiders Place Their Bets

In other news, Director Sylvia Acevedo sold 2,200 shares of the stock in a transaction that occurred 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 completion of the sale, the director directly owned 18,545 shares of the company’s stock, valued at $2,951,993.10. This represents a 10.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William Joseph Brennan sold 9,476 shares of the business’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 transaction, the chief executive officer directly owned 270,641 shares in the company, valued at $37,765,245.14. The trade was a 3.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 890,476 shares of company stock valued at $136,140,163 in the last 90 days. Insiders own 11.84% of the company’s stock.

Analyst Upgrades and Downgrades

CRDO has been the subject of a number of research analyst reports. Roth Mkm upped their target price on Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Zacks Research upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, December 4th. Barclays reaffirmed an “overweight” rating and set a $260.00 target price on shares of Credo Technology Group in a research note on Thursday, January 15th. Needham & Company LLC boosted their price target on shares of Credo Technology Group from $190.00 to $220.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Finally, Bank of America raised their price objective 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 analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $216.54.

Credo Technology Group 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.