Cibc World Market Inc. Has $1.35 Million Stock Position in Credo Technology Group Holding Ltd. $CRDO

Cibc World Market Inc. lifted its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 99.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,263 shares of the company’s stock after purchasing an additional 4,611 shares during the quarter. Cibc World Market Inc.’s holdings in Credo Technology Group were worth $1,349,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CRDO. Atlantic Union Bankshares Corp acquired a new position in shares of Credo Technology Group during the 3rd quarter worth $25,000. First Horizon Corp bought a new stake in Credo Technology Group in the third quarter worth $26,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in Credo Technology Group during the second quarter worth $27,000. Smartleaf Asset Management LLC raised its holdings in Credo Technology Group by 133.6% during the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock valued at $38,000 after buying an additional 147 shares in the last quarter. Finally, Park Place Capital Corp acquired a new stake in shares of Credo Technology Group in the third quarter worth about $41,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Trading Down 0.3%

NASDAQ CRDO opened at $121.44 on Tuesday. Credo Technology Group Holding Ltd. has a 12 month low of $29.09 and a 12 month high of $213.80. The stock has a 50 day moving average of $138.37 and a 200-day moving average of $143.26. The company has a market cap of $21.94 billion, a PE ratio of 106.53 and a beta of 2.65.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. The firm had revenue of $268.03 million during 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 company’s revenue for the quarter was up 272.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.07 earnings per share. As a group, 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 Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $153.16, for a total transaction of $7,658,000.00. Following the completion of the sale, the chief executive officer owned 1,892,502 shares of the company’s stock, valued at $289,855,606.32. This trade represents a 2.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $174.70, for a total transaction of $9,608,500.00. Following the completion of the transaction, the chief technology officer directly owned 6,613,961 shares in the company, valued at $1,155,458,986.70. The trade was a 0.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 917,976 shares of company stock valued at $136,567,647 over the last 90 days. 11.84% of the stock is currently owned by insiders.

Analysts Set New Price Targets

CRDO has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Credo Technology Group in a research note on Monday, December 29th. New Street Research set a $240.00 price target on shares of Credo Technology Group in a report on Tuesday, December 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 price target on shares of Credo Technology Group in a research report on Tuesday, February 10th. Mizuho boosted their price objective on Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 2nd. Finally, TD Cowen restated a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, December 2nd. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and a consensus target price of $212.69.

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.