Credo Technology Group Holding Ltd. $CRDO Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. increased its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 39.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 105,514 shares of the company’s stock after purchasing an additional 29,645 shares during the period. Envestnet Asset Management Inc. owned 0.06% of Credo Technology Group worth $15,364,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of CRDO. Hantz Financial Services Inc. acquired a new stake in Credo Technology Group during the third quarter worth $4,502,000. Allianz Asset Management GmbH grew its holdings in shares of Credo Technology Group by 2,059.9% during the 3rd quarter. Allianz Asset Management GmbH now owns 57,389 shares of the company’s stock worth $8,356,000 after purchasing an additional 54,732 shares during the period. Atlantic Union Bankshares Corp acquired a new stake in shares of Credo Technology Group during the 3rd quarter worth about $25,000. Jones Financial Companies Lllp raised its holdings in Credo Technology Group by 127.0% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,536 shares of the company’s stock valued at $363,000 after buying an additional 1,419 shares during the period. Finally, State of Wyoming lifted its position in Credo Technology Group by 71.7% in the third quarter. State of Wyoming now owns 2,682 shares of the company’s stock valued at $391,000 after buying an additional 1,120 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CRDO. Needham & Company LLC restated a “buy” rating and issued a $220.00 price objective on shares of Credo Technology Group in a report on Tuesday, February 10th. Roth Mkm reduced their price objective on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. Zacks Research cut Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 2nd. Mizuho increased their price objective on shares of Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a research report on Tuesday, December 2nd. Finally, Susquehanna upped their price objective on Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a research report on Wednesday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $212.69.

Credo Technology Group Stock Down 0.3%

Shares of NASDAQ:CRDO opened at $121.44 on Monday. The company has a 50-day moving average price of $139.52 and a 200 day moving average price of $143.19. Credo Technology Group Holding Ltd. has a 52 week low of $29.09 and a 52 week high of $213.80. The company has a market cap of $21.94 billion, a P/E ratio of 106.53 and a beta of 2.65.

Credo Technology Group (NASDAQ:CRDO) last posted its 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. The company had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.Credo Technology Group’s quarterly revenue was up 272.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.07 earnings per share. Analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, Director Sylvia Acevedo sold 2,200 shares of Credo Technology Group 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 approximately $2,951,993.10. The trade was a 10.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $127.69, for a total value of $6,384,500.00. Following the completion of the sale, the chief executive officer directly owned 1,832,502 shares in the company, valued at approximately $233,992,180.38. The trade was a 2.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 917,976 shares of company stock valued at $136,567,647. 11.84% of the stock is owned by company insiders.

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.