D.A. Davidson & CO. Takes $341,000 Position in Credo Technology Group Holding Ltd. $CRDO

D.A. Davidson & CO. acquired a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,633 shares of the company’s stock, valued at approximately $341,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CRDO. Crewe Advisors LLC boosted its holdings in Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after acquiring an additional 106 shares during the last quarter. Reflection Asset Management bought a new position in Credo Technology Group during the 4th quarter worth approximately $25,000. Acumen Wealth Advisors LLC acquired a new position in shares of Credo Technology Group in the 4th quarter worth approximately $25,000. Flagship Harbor Advisors LLC acquired a new position in shares of Credo Technology Group in the 4th quarter worth approximately $32,000. Finally, Smallwood Wealth Investment Management LLC bought a new stake in shares of Credo Technology Group in the 4th quarter valued at $36,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Trading Down 9.9%

NASDAQ:CRDO opened at $213.15 on Friday. The stock has a market capitalization of $39.75 billion, a price-to-earnings ratio of 85.95, a PEG ratio of 0.97 and a beta of 3.20. The firm has a fifty day simple moving average of $235.28 and a two-hundred day simple moving average of $169.88. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same period in the previous year, the firm posted $0.20 earnings per share. The business’s revenue was up 157.0% compared to the same quarter last year. Equities analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In related news, Director Fariba Danesh sold 1,100 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $236.34, for a total transaction of $259,974.00. Following the transaction, the director directly owned 7,017 shares of the company’s stock, valued at approximately $1,658,397.78. This represents a 13.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total value of $1,863,770.40. Following the completion of the transaction, the chief financial officer owned 504,708 shares in the company, valued at approximately $124,097,603.04. The trade was a 1.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 302,162 shares of company stock valued at $70,897,646. 11.84% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CRDO shares. Evercore began coverage on shares of Credo Technology Group in a research report on Monday, June 22nd. They set an “outperform” rating and a $325.00 price objective for the company. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. Rothschild & Co Redburn initiated coverage on shares of Credo Technology Group in a research report on Friday, May 1st. They set a “buy” rating and a $206.00 price target on the stock. Rosenblatt Securities increased their price target on Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. Finally, JPMorgan Chase & Co. lifted their price objective on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $266.17.

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.