Elemental Capital Partners LLC Increases Stake in Credo Technology Group Holding Ltd. $CRDO

Elemental Capital Partners LLC increased its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 42.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 192,210 shares of the company’s stock after buying an additional 57,024 shares during the quarter. Credo Technology Group accounts for 14.7% of Elemental Capital Partners LLC’s portfolio, making the stock its 3rd largest position. Elemental Capital Partners LLC owned about 0.11% of Credo Technology Group worth $27,657,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bank of America Corp DE raised its stake in shares of Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after acquiring an additional 1,406,752 shares in the last quarter. Rafferty Asset Management LLC purchased a new stake in shares of Credo Technology Group in the 3rd quarter valued at $183,553,000. Alliancebernstein L.P. grew its holdings in shares of Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after purchasing an additional 1,218,504 shares during the last quarter. JPMorgan Chase & Co. raised its position in Credo Technology Group by 18.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock worth $1,121,118,000 after purchasing an additional 1,190,522 shares during the period. Finally, Marshall Wace LLP raised its position in Credo Technology Group by 2,537.7% in the 3rd quarter. Marshall Wace LLP now owns 1,150,000 shares of the company’s stock worth $167,452,000 after purchasing an additional 1,106,401 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Up 5.8%

Shares of Credo Technology Group stock opened at $101.45 on Friday. The company’s fifty day simple moving average is $113.84 and its two-hundred day simple moving average is $139.48. Credo Technology Group Holding Ltd. has a 12-month low of $29.09 and a 12-month high of $213.80. The firm has a market cap of $18.71 billion, a PE ratio of 56.36 and a beta of 2.72.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating the consensus estimate of $0.78 by $0.29. The firm had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company’s quarterly revenue was up 201.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.25 earnings per share. As a group, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 30,000 shares of the stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $139.93, for a total value of $4,197,900.00. Following the completion of the sale, the chief technology officer owned 6,387,370 shares in the company, valued at approximately $893,784,684.10. This trade represents a 0.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction that occurred on 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 owned 1,832,502 shares in the company, valued at approximately $233,992,180.38. This represents a 2.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 396,101 shares of company stock valued at $49,093,420 in the last ninety days. 11.84% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have issued reports on CRDO. Mizuho cut their price target on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday, March 3rd. The Goldman Sachs Group set a $165.00 price objective on Credo Technology Group and gave the stock a “buy” rating in a report on Thursday, February 19th. Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Needham & Company LLC restated a “buy” rating and set a $220.00 target price on shares of Credo Technology Group in a report on Tuesday, March 3rd. Finally, Stifel Nicolaus set a $200.00 price target on Credo Technology Group in a research report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $206.33.

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.